Not all of the firms that claim to provide independent financial advice under Britain’s new regulatory regime are actually doing so, according to a new report from the Financial Conduct Authority (FCA).

The FCA published a report Thursday that examines one aspect of its recent regulatory reforms known as the Retail Distribution Review (RDR) reforms.

Among other things, the RDR outlaws embedded commissions, raises proficiency requirements, and requires firms to distinguish between truly independent advice, and “restricted” advice. Thursday’s report looks at whether firms that say they offer independent advice are actually doing so.

It finds that most of the firms it reviewed are accurately describing their service as independent. Of the 113 firms that were included in the review, 88 claimed to offer independent advice. The FCA reports that its initial review indicated that that there were two firms that were certainly not meeting its requirements for independence, and that it had concerns about a further third (28) of firms.

A more in-depth review of 17 of those 28 firms found that six were acting independently; six weren’t truly independent; four of them were not definitively failing to meet the requirements, but doubts remain; and there was one firm where the review was inconclusive.

“So in addition to the two firms that we had initially identified as not meeting our requirements, 10 of the 17 firms where we carried out further investigations were either not acting independently or we had doubts about their independence,” it says.

The regulator has issued an additional guidance for what it considers to be independent advice in order to help firms properly meet the requirements. And, it will review the issue again in the second half of 2014 to see whether firms have acted on the new guidance.

“If we identify any firms that are holding themselves out as independent but are not meeting the requirements, we will consider what further regulatory action is necessary,” it notes.

“Most firms are using the ‘independent’ tag correctly, which is important in helping consumers understand what service they are buying. But, for those firms who remain unsure, we are providing further help so that they can better understand the standards they need to meet,” said Nick Poyntz-Wright, director of long-term savings and pensions at the FCA.

In April, the FCA will be releasing research that looks at how cost and services are disclosed by advisors, it notes.