A pensions analyst who authored a report criticising the industry has spoken about the ‘vitriolic' reaction from independent financial advisers (IFAs) to his recommendations.
In his report for the Centre for Policy Studies, Michael Johnson said the IFA label was now an "irretrievably damaged brand", suggesting financial advisers should now focus on financial planning instead of advice.
Speaking to the Daily Mail, he explained the reaction he has received from the industry, including some anonymous feedback.
He said: "I have had some hate mail. It is very vitriolic. They are in a very defensive mode.
"The IFA community have obviously got it in for me."
The report said levels of savings in the UK were lower than in Europe because of widespread public enmity towards the industry, where remunerations have been excessive and returns have fallen.
It also said advisers should set their sights on QCF Level 6, to be seen as being on par with accountants and lawyers, while it also had a raft of recommendations to improve transparency from fund managers.
However, Gill Cardy, managing director of IFA Centre, said Johnson had been wrong to target advisers, while the Investment Management Association said errors in the report risked misleading investors.
Square Mile’s series of informal interviews
'An entirely different beast': How have emerging markets, Asia and Japanese equities evolved over the past decade?
Talking Strategies: In the video below, Jupiter's fund managers discuss how changing tides over the past two decades have resulted in emerging markets, including EMD, and Asia and Japanese equities to become a core part of many wealth manager portfolios....
Spent 20 years with Aviva
Latest news and analysis