As the Dodd-Frank Act approaches its one year anniversary, the head of the Financial Services Institute says it has done anything but produce "a harmonized" and "effective regulatory environment.

"For the last year, FSI has urged the implementation of Dodd-Frank in a way that preserves investor choice and investor access," FSI President and CEO Dale Brown said Tuesday. "We have urged regulators to take a thoughtful approach that avoids unintended consequences and moves us toward our goal of harmonized, effective regulation. Unfortunately, we are no closer to that goal than we were a year ago."

FSI is an advocacy organization for independent financial services firms and independent financial advisors with an estimated 126 broker-dealer members and 16,000 financial advisor members.

Brown said a big step toward that goal would be the adoption of a uniform fiduciary standard of care and the creation of a self-regulatory organization for investment advisors.

"These important steps would create a win-win for consumers and the industry," Brown said.

-Jim McConville