Shadow Economic Secretary Howard Flight says Ron Sandler's review of the retail savings market proves the Establishment is anti-IFA.
Speaking at last week's Institute of Financial Planning Conference in Coventry, Flight slammed the review, saying: “I was shocked the Sandler consultation document contained outrageous Establishment anti-IFA bias.”
He accused the review of being “shallow in what it had to say” and failing to understand how the market worked.
Flight said the review did not recognise the growing demand for advice in the UK and the relationship between a client and their IFA.
The Sandler review came in for more criticism during a question-time session from IFAs unhappy with comments in the consultation claiming they lacked investment knowledge.
Session panel member Aifa director general Paul Smee said the consultation document “threw in everything but the kitchen sink” and he expected it to be narrowed down to a few key issues over the next few months.
Former LIA president Peter Sprung defended IFAs, saying he does not believe they are on the whole commission-oriented.
A Treasury spokesman says: “There is no bias. We are still consulting and the consultancy document has been issued as a starting point for the review. Response to the consultancy has been good and we will be publishing the review next year.”