Scottish Mutual is calling on the FSA to drop the defined payment rules from its depolarisation proposals.
It says these has been unnecessarily bundled in and are not required to introduce greater competition.
Many IFAs will carry on as before merely dropping the independent epithet, it claims.
Pensions and investments development director Leslie Gray says the FSA is justifying the proposals on research based on small samples which is contradicted by other research that it has published.
He says: "It seems illogical that the FSAs proposals will largely remove the visible presence of an option which consumers value independent advice.”