The two yearly flight review should be removed, not more formalised.
The CAA review of flight safety following introduction of the JAA BFR in 1990 together with all the other stuff ( 90 day rules, annual MEP tests etc) showed absolutely no safety benefit whatsoever. This is before all the new crap which EASA are going to chuck at us.
This stuff is all just jobs and money for the boys and bureaucrats who invent it . Those who need a "review" are free to have one whenever they wish. We all survived just fine for decades before these requirements were introduced with absolutely no more fatalities or accidents.
OK ...Aim...fire....