Mifid II 

Advisers warned about Mifid II compliance

He said: "Advisers are still at an early stage of understanding what they are allowed to have for free, and what they have to pay for."

Ms Altkemper agreed research remained confusing for some intermediaries in the market.

She said: "Payment for research is new, and requires firms to pay for the research they receive out of their own resources, or to be very transparent about research they are receiving. I think that will be key for the FCA."