The IFA Centre says the Financial Conduct Authority should allow intermediaries to rely on factual information from providers.
The IFA trade body highlights a section of the FCA handbook which says firms do not need to take on the regulatory responsibilities of other firms in the distribution chain and do not need to police them.
IFA Centre managing director Gill Cardy says the rules have not been properly applied in some cases where innaccurate information was supplied by providers.
She says: “There are a few situations where advisers have been left on the hook but the failings were not obviously in their department.
“If the FCA is concerned about integrity and confidence in financial markets then it needs to be rigorous and consistent about applying all its rules across all the regulated community.”
Advisers have strongly opposed the regulator’s decision to hold them partly responsible for provider failings in the past, with recent examples including Keydata and Arch cru.
Worldwide Financial Planning IFA Nick McBreen says: “The provider should ultimately be responsible for the information it provides. IFAs can only work with the information given to them but they should be careful not be sidetracked by marketing materials.”
The FCA declined to comment.