The findings come in an early review of how advisory firms have implemented some of the core aspects of the RDR months after its implementation.
It found that the majority of firms have made progress and there was a willingness to adapt to the new rules.
However, as well as finding some firms incorrectly describing themselves as independent, it said it was also concerned by some firms providing charges in percentages, rather than cash terms, which some consumers found confusing.
It also said some firms were not clearly explaining what service customers will receive for on-going fees.
The review is the first of three planned over the next year to assess what progress advisory firms are making to meet the new RDR rules.
Clive Adamson, director of supervision at the FCA, said: “RDR was a major policy development, so it’s right that we are acting on behalf of customers to see whether the significant changes are working for them.
“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.
“Firms should carefully consider the feedback covered in this report.”
