There is something each way in this speech. Some regulation, which the industry has been awaiting so long that it will almost accept with relief. BUT assurances that the Australian model will not be adopted wholesale.
The Aussie model had the effect of 'harvesting' a large number of advisers - taking them out of the industry because the cost to comply was too great an investment for the level of business that they did - or the time that they had remaining in the industry.
Most of the rest of the 'independent' advice crowd went into dealer groups. At the outset most of these were independent. But the economics of a dealer group favour scale, or focus. You may be small, high cost, and niche, or large. Increasingly these groups are in part owned by financial institutions that can provide capital to build systems and processes within dealer groups.
This does, of course, mean less independence. The disclosure model tends to be more rigorous - but with more institutional control the advice model is NOT what purists would like.
This has potential - to be good, or bad, but we are assured not too much down-side on the bad. Let's keep an eye on that task force.
The essential links on financial services regulation: