The UK Independence Party says the RDR should be scrapped as it has made financial advice the preserve of the rich.
Ukip MEP and economic and monetary affairs committee member Godfrey Bloom, who is a former IFA, says banning commission payments to advisers is wrong.
He says: “Ukip is against the RDR on the basis that it is not libertarian. We believe you should be able to make any arrangement with your financial adviser that suits you both. It is no part of Government to directly interfere in liberty of contract.
“The lower and middle classes will not have access to financial advice and it will be a preserve of the rich, which is not what the Government wanted.”
Bloom also hit out at the Government’s state pension reforms, which will allowing those who contracted out to build extra state pension entitlement up to the proposed single tier payment of £144 a week, alongside their contracted out sums.
Savers who were contracted in will see future benefits capped at the £144 level.
Bloom says: “Their money has been confiscated and nobody seems to care. Those who contracted in to the Government scheme paid extra national insurance contributions and they will receive no benefit from it.”
Jackson Wealth Management managing director Pete Matthew says: “Reversing the RDR is not sensible. It was never going to be perfect and there is always collateral damage with something this big.”