Highclere Financial Services partner Alan Lakey wrote to the joint committee in December calling for an investigation and in May committee chairman and Labour MP Andrew Dismore asked City minister Lord Myners to justify why the FSA will not allow advisers a long stop.
Myners said the FSA considered a long stop under the retail distribution review but there was not a “sufficiently strong case” to merit implementing it.
Committee clerk Mark Egan responded to Lakey quoting the legal adviser’s view that IFAs are not treated less favourably than other professionals.
Lakey says he is shocked that the committee’s adviser has missed central points of the argument and he will again write to Dismore on the issue.
He says: “The conclusions that the legal adviser has reached are unbelievable and simply not accurate.”