The Financial Planning Association (FPA) has called for a reduction in red tape and the creation of a simplified advice category to open up access to financial advice to more consumers.

CEO Jo-Anne Bloch says disclosure and compliance costs are adversely affecting consumers' access to financial advice. A "single issue advice" category would benefit consumers by making financial advice more affordable and accessible.

Ms Bloch has also called for a number of other policy changes, including improving the definition of general and personal advice in the Corporations Act; the removal of criminal sanctions for financial planners who fail to deliver a statement of advice (SOA) or financial services guide within five days; the development of a simplified SOA; support for tax deductibility of service fees; and the extension of superannuation co-contribution arrangements.

But Ms Bloch says there is no need for a root-and-branch reform of financial services legislation.

"While further reform to reduce red tape is needed, we do not believe a fundamental overhaul of the financial services reform regime is needed."

The FPA plans to roll out its simplified SOA at its national conference next week.