"So there probably needs to be some work done there on really clarifying things for people."
He also says regulation will need to be continually improved to better serve advisers.
"There are two approaches that the Financial Conduct Authority need to have.
"[Firstly] that is the approach with firms that are wanting to communicate, wanting to work collaboratively and [are] conducive to a better profession: we need to be open, we need to have swift communications, all needs to be pulling in the right direction.
"And then the opposite approach is weeding out those bad firms that are bringing the industry into disrepute and taking us away from where we want to get to."
But he adds: "I do think that they seemingly do a good job on reviewing businesses, dealing with the cowboys of the profession, and that's massively appreciated.
"Perhaps that's just taking up too much time, too much resource to actually provide the communication and the service the other good firms, which have been supporting them and will continue to support them, need."
As to whether the consumer duty is the potential answer to all these questions he simply says: "Time will tell."
carmen.reichman@ft.com
