Wright said working within the regulations outlined in both the Financial Advisers Act (FAA) and Financial Service Providers Act (FSP) would provide advisers with a real point of difference over banks and online insurance companies.

"This is the game whether we like it or not, but there are some fantastic opportunities," he said.

He said advisers who lived up to the regulatory requirements of demonstrating the skill and competency required of a "reasonable adviser" would be able to offer bespoke financial services better than any other organisation.

When it came to getting the best financial products and advice, "most people need their personal circumstances taken into account," he said.

Wright also outlined how advisers can meet these requirements.

He said that in the new environment, "product and technical knowledge is no longer optional," and to that end he said OnePath was set to launch an adviser product accreditation programme - also useful as proof to regulators of an advisers competency.

"I don't think you can sell a product unless you've actually analysed it."

He said a lack of product analysis could be construed as "not applying your special skills" and therefore negligent.

The role disclosure statements will play was also highlighted, with Wright urging advisers to include a section for clients to sign to acknowledge receipt of the statement - not a legal requirement but something he said removed one potential obstacle in the event of client complaints.

He said advisers not willing to meet the AFA requirements would probably opt to join Qualifying Financial Entities (QFEs).

"Sellers will rush to join QFEs - advisers will remain independent. You have to decide whether you're a seller or an adviser. Selling on a needs-based analysis does not make an adviser."

He said the best way to move forward as an adviser - and protect yourself from regulatory scrutiny - was simply to act in the best interests of the client.

"If you act in the best interests of the client all the time, you'll have a fantastic business."