Lead gen compliance firm Contact State acquired by US firm

She said: "More people are googling protection due to Covid-19, which means these firms are looking to sell leads at more expensive prices. Cost per lead is going up. There's a lot more competition in this space, which makes it quite an expensive space for advisers to be in.”

She continued: “It’s a bit of a wild west. There’s no real regulation. Clients’ data can be sold multiple times. It can be fraudulent, but advisers get charged for it anyway. Advisers are regulated, but lead generation firms aren’t.”

Advisers have also highlighted the barriers they face in terms of carrying out their own effective marketing, and the quality of leads provided by generation firms - even if they are regulated.