Tenet wants a wider approach to be adopted by the Treasury Select Committee (TSC) as it considers the issues facing the advice sector.

In the TSC’s previous debate on the RDR proposals, Tenet believes the committee was too narrowly focused on adviser qualifications and the abolition of commission.

Tenet wants this week’s meeting on the RDR to serve to widen the debate to the impact that regulation is having both in terms of cost and contraction of a market which should be in growth.

The group argues that while the regulator has been justified to consider the implications of adviser remuneration, it has placed little attention or importance to the impact of the rising and often terminal costs influenced by them, coupled with the unlimited amount of financial liability advisers carry indefinitely.

Keith Richards, Tenet Group’s distribution and development director, said: “A fundamental review of UK regulation is desperately required and we have to especially take into consideration the rules coming out of Europe