Is there anything that can be done to avoid the unnecessary paperwork and cost?

Q.

I have been dealing with a financial adviser for over ten years. In the past he has set up my allocated pension, advised me on investments therein, including which stocks to buy and sell, and we have had a mutually beneficial relationship, in which he knew my investment aims and aspirations. He now tells me, that in spite of our past relationship and dealings, that he is unable to tender any financial advice unless I submit a personal profile document and risk analysis from which he will produce a 20 page Statement of Advice, now required by financial regulations - all at some considerable cost to me, and non-tax deductible to boot. Is there anything that can be done to avoid this unnecessary (from my point of view) paperwork and cost - surely the financial regulators did not envisage this major inhibition to obtaining financial advice when they changed the law.

Your financial adviser is correct though the current Labor regime has floated the idea of simplifying the paperwork. Unfortunately, as your adviser points out, it makes a lot more work for the good guys and the bad guys just don't bother with it.