Origo called for firms to aim for an end to paper-based processes this year.

Anthony Rafferty, CEO at Origo, said: “In an environment where digital solutions are rapidly becoming the norm, alongside expectations for slick, same-day service, we can argue that slow, inefficient, costly paper-based systems are looking well and truly broken.

“Consumer Duty insists that the products and services that consumers receive should ensure, “no foreseeable harm”.

"It is difficult to argue, for example, that processes which slow down the transfer or processing of business – potentially keeping investors in unsuitable products or out of the markets – are not causing foreseeable harm. In particular, when compared to others in the industry, using digital solutions, who do things swiftly and with the end consumer firmly in mind. The regulator’s view on this will remain to be seen but I can see them taking a dim view of such processes.

“The same can be said about re-keying of information and data. Few if any staff should have to re-key data – particularly for some of the most common and vital processes for advice businesses such as valuations, remuneration, account opening, etc. The risks from errors are well known – let alone the inefficiencies and costs to businesses.”

Mr Rafferty said one key challenge for advisers looking to adopt AI is the lack of communication between technology being used by firms.

He said: “In a rapidly developing technological environment, where expectations are becoming higher, all companies are going to come under the spotlight and we can expect that businesses and clients will vote with their feet if they persistently meet with slow, unsatisfactory service.

“Fortunately, the market leaders are already addressing these issues and implementing the tech and services needed – and expected – of them.

“There is good business sense to this: Greater efficiencies mean reduced costs; improved overall service means better and stickier relationships with customers; and a focus on customer service in the back-office means a better reputation for the companies concerned, leading to renewed business from advice firms and others.”

Last year Origo went through a change in ownership, from being owned by 12 of the biggest pensions and investment businesses in the UK, to becoming owned by private equity firm Vespa.