The PFS received a statement of apology from MAS chief executive Caroline Rookes, who claimed her comments had been “misrepresented”.

It followed “urgent dialogue” between Rookes and PFS chief executive Keith Richards.

Rookes had expressed concerns over adviser ethics during a fringe meeting at the Labour Party conference, sparking a wave of complaints from the industry, including an open letter from Richards.

MAS’ apology read: “We are very disappointed that Caroline’s comments at a fringe meeting at a Labour Party conference have been misrepresented as an attack on the ethics of advisers and would like to apologise if this has caused offence to advisers.

“The regulated advice community plays a vital role in helping consumers and we believe that the advice community as a whole operates to very high ethical standards.

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“That is why we are committed to building greater links with regulated advisers and are looking to develop a new directory of regulated advisers, to make it easier for consumers of both our service and the government’s new retirement guidance facility, to access more detailed and specialist advice if they need it.”

Richards welcomed the clarification: “We are delighted the MAS have now put the record straight and apologised for any misunderstanding. We look forward to continuing to work collaboratively with them for the greater good of the general public.”

He added: “Even though we work closely with the MAS, we could not just sit back and say nothing on such a serious issue, which is why we responded publicly in the first instance.

Earlier in the year, the MAS was put forward as one of the main providers of the government’s at-retirement guidance guarantee, prompting industry concerns.