I was working on a project and needed to get 12v DC adapter to the Pi 2, as it is only 5v I used this:

While it does boot and run the OS, I am getting a rainbow square which means there is not enough power, the DC I am using is rated for 12 3A, the USB regulator has an output of 5V 3A, yet this is not enough.
Is there another method? I'm assuming the product is faulty?
Help much appreciated!