The Investment Management Association (IMA), the UK fund management trade body, is compiling a "comprehensive critique" of the government-backed Sandler report to submit to the Treasury in the next few weeks.

Richard Saunders, chief executive of the IMA, challenged Ron Sandler's government-commissioned review of the UK retail savings market: "The report fails to appreciate the importance of active fund management. The report makes a series of assertions that don't hold up to scrutiny and we are compiling a list of objections to its findings."