The Association of Professional Financial Advisers (APFA) said it was surprised about how few issues came out of the regulator's first thematic review into the post-Retail Distribution Review (RDR) adviser industry.
The organisation suggested a planned third review by the Financial Conduct Authority (FCA) may not be necessary if firms responded to the FCA's concerns.
APFA director general Chris Hannant (pictured) said:"This review is a good one for the profession, with surprisingly few issues raised given the scale of the changes and the size of the industry.
"The issues that have been raised amount to more of a fine-tuning of the application of the rules, and we believe there will be marked improvement in these areas by the next review in October.
"If there is, we question whether a third review will be necessary."
Hannant said the identified problems with adviser charging, such as a lack of clarity about the actual cost of advice, were teething problems that were to be expected as the industry adapted to new ways of charging.
The APFA chief down-played the problem the regulator found that firms were masquerading as independent when their product offering was restricted, however he acknowledged that some customers may have got confused and that work needed to be done in this respect.
Overall, the review showed that the industry had done a good job adapting to RDR, Hannant said.
He added: "It now needs to translate that recognition into tangible benefits. With less supervision of advisers needed, that should translate to lower fees."
The second of three FCA reviews into the implementation of RDR is expected to be published in October.
More than £167,000 raised
Beware ‘temporary’ vulnerability
Partner Insight: A renewed focus on 'knowledge-intensive' companies should help investors realise that these entrepreneurial companies are found in sectors other than biotech or technology.
Celtic WM and Active Wealth