However, there are some issues that have cropped up in the early months of the RDR that have caused issues for financial advisers.

The first of these is the challenge for providers. Many of them, as reported here, seem not to have adapted their systems to be completely RDR-ready. Carl Lamb describes how the providers seem to have been ill -prepared for the RDR, and their processes for dealing with advisers have not come up to scratch. Arbitrary decisions are taken without proper consultation, and some look like they are using the RDR to rewrite their terms of business for dealing with financial advisers.

Elsewhere there have been problems with the FSA. There are new requirements on RMAR submissions - the information about an adviser’s business and revenues. There has been a subtle change to Section K, where advisers have to submit invoices rather than receipts. This could create all sorts of problems, especially with issues of unpaid invoices.

Some advisers trying to deal with the issue have tried using software to address the problem, and some suggest redesigning the section altogether.

It was never going to be that straightforward setting up RDR, but given the amount of time companies and regulators have had to prepare for this, advisers are questioning why they should feel the brunt of regulator scrutiny.

Melanie Tringham is features editor of Financial Adviser

This special report is produced in association with Alliance Trust Savings. Click here for more information.