Financial advisers say education, not FOFA, pushing up cost of advice Save Share The Coalitionâs controversial financial adviser education reforms are more to blame for escalating fees than Laborâs Future of Financial Advice laws, say practitioners, breaking ranks with the $3 trillion industryâs peak body. The Financial Services Council on Monday unveiled a plan to reduce the costs of financial advice by scrapping lengthy âstatements of adviceâ and removing the âsafe harbour stepsâ by which advisers can demonstrate they have complied with their fiduciary duty â a key tenet of the Rudd-Gillard governmentâs landmark 2012 reforms of the troubled sector.