The Financial Services Authority (FSA) has expressed concerns about provider preparedness for changes set to be introduced following the Retail Distribution Review (RDR).
FSA supervision director Clive Adamson said improvements had been made in the past three months and that he was confident providers would be ready, but he said there was "still a lot to do".
In preparation for RDR implementation at the end of this year, a number of fund groups have unveiled new "RDR-friendly" share classes, while some providers and platforms have revealed more details about their post-2012 charging models.
Asked at a Marketforce conference about provider readiness for the changes, Adamson said the regulator was seeing a "mixed pitch".
"Back about three months ago, we were quite worried about the readiness of the large product providers," he said at the event on Thursday.
"That has somewhat improved over the past few months but there's still a lot to do to get from here to December.
"We are pretty confident it will happen but we will continue to look over the next few months about firms' readiness and where we feel there are particular risks we will engage with them on a regular basis."
Adamson also expressed his confidence about the readiness of advisers ahead of RDR, citing figures published in April suggesting 93% believed they were on track to meet the new minimum qualification requirements.
Seven in ten advisers polled at the time said they were already RDR-compliant.
"This is very encouraging news and I want to thank you for the tremendous work you are doing to get the required qualifications," he said.
"Those who are currently appointed representatives should bear in mind that it is their responsibility to ensure they reach the required standards and the responsibility of principal firms to ensure their appointed representatives have the required qualifications."
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