The Replacement Policy Advice (RPA) is designed to stop advisers and life companies churning policies.

An ISI spokesman said that while the review promised by new chief executive Peter Neilson was still ongoing - and talks with members had taken place - "I think with the regulation of the industry the board are coming to the realisation that it's not something we are  really capable of regulating."

"It's a tricky one, we're still trying to work through what we can do," he said.

Neilson announced he had been asked to review the RPA at the Life Brokers Association conference in May.

"Due to a number of factors, policy churn within our industry is high. Many policies that are replaced are done so for reasons other than client interest," he said.

"ISI accepts that people have legitimate reasons to replace policies, but we want to ensure they do so for the right reasons, and make the decision armed with all the relevant facts. That was what  the ISI wanted to achieve with the new RPA process."

Brokers Good Returns have spoken to have expressed concerns about so-called ‘churn' in the wake of new adviser regulations that place the client interest at the fore, with some suggesting insurance providers concern with the issue is out of step with their regulatory requirements to ensure clients have the best policies.

Nielson alluded to this issue in his LBA speech, saying "the fact is that our industry is now subject to new rules of engagement when it comes to offering financial advice, and the underlying principle is that we must all place the interests of the client above all else."