Fidelity says Sandler has failed to appreciate the true value of IFAs in his report and done little to encourage consumers to save for the future.
The fund manager says Sandler has simply taken an economist's view of the financial services market by looking at the supply chain in an effort to boost demand and by suggesting that IFAs are driven solely by commission.
It says IFAs actually create the motivation for people to save.
Fidelity also says he has done little to support trends – such as tax incentives, product innovation and non-provider advice – which support all financial services industries and has failed to give consumers enough credit for their knowledge.
As a result of some of his suggestions, many providers will just design and manufacture mediocre and homogeneous products, it believes.
It also questions Sandler's view that trackers are superior to active funds, saying that over the past five years active funds have broadly performed better than index hugging funds.