The technology provider found a quarter of advisers (24%) ranked compliance and reporting as their biggest challenges while servicing clients was highlighted as the second biggest issue.

General costs of running a business, attracting new clients and issues around client charging were also in the top five concerns for advisers.

The FCA recently made changes to relieve the reporting burden advisers face, but some respondents to the survey said advisers would again need time to adapt to new requirements.

Lisa Jones, from independent financial adviser firm Hargreaves & Jones in Surrey, said: “While I understand the need for it, I do think the FCA has underestimated just how much a burden reporting is for smaller advisers.

“The fact that product providers are all developing their own different systems adds to the problem for fully independent advisers like us, who are choosing products from across the market.”

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Results of a survey published this morning by the regulator warned that adviser firms need to be clearer with consumers about fees and charges, with two firms already under investigation for poor practice.