The FCA also drew attention to the problem of firms not being clear about what ongoing services they would provide.

"This early view shows that while firms have acted, they still have more to do to if a customer is going to be in the best possible position to understand the price they will pay and the service they will get for that price," said Clive Adamson, director of supervision at the FCA.

“Firms should carefully consider the feedback covered in this report. We strongly encourage advisors to look at the examples highlighted, and take immediate steps to help their customers better understand the charges and services being offered,” Adamson added.

The FCA is also sending a fact sheet to over 6,000 advisory firms to help them assess whether the common issues found apply to them.

Following the implementation of the RDR in January this year, the investment market has experienced significant changes, with a number of recent surveys highlighting a wave of consolidation amongst firms.

A report released by Fidelity in June found that almost two-thirds of UK advisors feel the RDR has led to an increase in outsourcing their investment portfolio management, with the majority expecting to increase their use of managed fund solutions and model portfolios as a result.

According to figures from the Association of Professional Financial Advisers, ahead of the RDR the number of financial advisors fell from 26,339 in December 2012 to 20,453 as of 1 January 2013.