However, in April the Financial Conduct Authority revealed too many advisory firms are not being clear with consumers on how much advice costs, the type of service they offer - whether it is restricted and the nature of the restriction - and what on-going services they provide.

The failings identified in the FCA’s review suggest some consumers could be unaware of, or even mis-led, in relation to the cost of advice, both initial and ongoing; the type of service offered by a firm (i.e. whether it is independent or restricted), the nature of a firm’s restriction (if applicable), or the service they can expect to receive in return for the on-going fee.

The regulator’s latest review into disclosure by financial advisers found that 73 per cent of firms failed to provide the required information on the cost of advice.

This guide will explain how fees should be explained to clients, common practices the regulator uncovered during its last probe, what networks and adviser support service providers expect of advisers plus what action the FCA is taking to address the problem.

Supporting material for this guide comes from the Financial Conduct Authority; Jason Kirk, group head of compliance at SimplyBiz; Lee Travis, chief executive of the New Model Business Academy; Dominic Rose, acquisitions and sales director of Bellpenny; Simon Thomas, head of policy at Tenet Group; and Chris Hannant, director general of the Association of Professional Financial Advisers.