The Association of Professional Financial Advisers (APFA) is calling on members and other advisers to detail how much they spend on regulation and compliance so the regulator "can be held to account".
The trade body has launched a survey of the advice industry to establish a 'Cost of Regulation Index' for the sector.
Indirect costs are a focus of the study, with APFA asking firms to estimate amounts spent on compliance and reporting, such as completing the Retail Mediation Activities Return.
The results will be made available to Parliament, regulators and consumers, APFA said.
Director-general Chris Hannant (pictured) said: "We know the total amount of direct fees that the sector pays relating to the FCA, FOS [Financial Ombudsman Service], FSCS [Financial Services Compensation Scheme] and MAS [Money Advice Service], but there is no reliable data available about the indirect costs of regulation and compliance.
"To get this, we need advisers' help. The more who take part, the more reliable our data will be and the more useful it will be in holding the FCA to account."
The launch of the survey echoes recent calls from Treasury Select Committee chairman Andrew Tyrie for advisers to provide evidence of the true cost of FCA supervision.
It is also that has been highlighted by Personal Finance Society chief executive Keith Richards.
Complete the survey HERE.
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