Industry engagement helping the regulatory process: Mayhew

Mayhew said the larger members of industry are "already gearing up" to meet what will be the minimum standards for advisers, as are the adviser associations, and even if the December deadline gets pushed out, a lot of the legwork will have already been achieved.

"It's important not to lose sight of the fact that when you get to go-live date that's not the point of when the whole thing starts, because it's already started - even if that date slips, it doesn't really matter because people are already engaging," he said.

Though the goal of legislating to build confidence in the industry is achievable, it is part of the wider goal to boost investment in capital markets, and Mayhew warns that investors should not put "too much expectation on it" and not think about the products that they buy.

"I don't consider my role to be champion of financial advisers - industry can look after itself - but I will be working with them to ensure the goals of the legislation are maintained," he said.