Speaking to FTAdviser, Harrison pointed to several occurrences in the industry that elsewhere were typically more often found pre-RDR than they were now.

These included commissions being passed between provider and compliance firm, a product or sales driven mentality, and a focus on the negative and worrying aspects of regulation to drive adviser behaviours through fear.

“It is also very behind the tech curve and has seen little innovation or disruption, with it mostly relying still on manual systems and processes,” she said. “It is very much behind the curve of evolution we have seen in other areas of financial services.”

Read more in our FT Adviser article here.