Ron Sandler will criticise actively managed funds, saying investors should look instead to trackers when he issues his report tomorrow according to the Financial Times.
Sandler will be critical of actively managed funds for charging consumers too much and not delivering the FT says.
Contrary to earlier reports Sandler will effectively endorse the FSA's Defined Payment proposal by saying IFAs should charge fees rather than be remunerated through commission.
The story says he is also expected to call for the advocate the abolition of the distinction between Maxi and Mini Isas.
He will call on the Government to contribute £1 for every £1 saved by individuals, something the Treasury has already proposed through it Savings Gateway scheme, set to be launched through pilot schemes this autumn.