A former Lloyds TSB adviser turned Labour MP has claimed IFAs and bank advisers are all focused on selling products rather than helping clients.
Chris Evans, MP for Islwyn, and a former Lloyds TSB personal account manager, made his comments during a committee debate on the Pensions Bill.
When discussing the reform of workplace saving via auto-enrolment, he said the lack of pension saving in the UK is down to a "lack of independent financial advice".
"If someone goes to a bank, it is likely to try to sell them the best product it can. If they go to an independent financial adviser, the adviser will do the same thing," said Evans.
"They will think about the sale rather than the needs of the person in front of them".
He told the House if the government is seriously interested in improving the advice out there, "they could come up with an independent vehicle or a helpline that people could ring to talk about pensions".
In April, the government set up the Money Advice Service (MAS), which replaced the Consumer Financial Education Body (CFEB).
MAS was set up using £43.7m from levies raised by the Financial Services Authority (FSA) on regulated firms.
IFAs have criticized the new body, saying the use of the word "advice" is misleading as it does not actually provide regulated advice or recommend products, but instead gives out free information.
'Annuities reinvented' paper
As US dollar strengthens
Introducing the Architas education series for clients.
What made financial headlines over the weekend?