The way providers are managing the transition to the Retail Distribution Review (RDR) is making "our lives a nightmare", one adviser has said.
Carl Lamb, managing director of Almary Green said many providers his firm dealt with interpret the RDR rules in different ways, "making our lives a nightmare".
He said: "Every day we receive new terms and condition from the providers we deal with. Trying to keep on top of this is extremely time consuming and is adding nothing of value to our clients or our bottom line.
"Each new terms of business document that arrives on our doormat entails having to print off 60-70 pages of small print, analyse it and then incorporate it into our systems.
"Each provider, fund, product and service is being treated differently, so trying to keep up with it all is well nigh impossible."
Lamb added: "There is still a lack of clarity over how platforms and fund managers are going to deal with RDR from 2014, not to mention the rules over adviser and consultancy charging, even though we are only weeks away from the start of RDR."
He said the first quarter of 2013 would be "terribly hard" for IFAs due to a lull in new business and the time it will take for RDR to bed in.
"The net result is that I feel as though I have gone into a dark room and it is getting darker by the minute. The whole RDR initiative is just getting more and more complicated, when it was supposed to make financial products more transparent and of benefit to our clients."
Claim from SocGen's global markets division
Third annual Hampton-Alexander review
European Commission yields to pressure
Numbers in Adviserland
Retirement sector trends