The organisation, which has repeatedly aired its frustration at the government's lack of concern for advertisers, has said it plans to meet with the government to express its concerns.
It said that although it expected to see the removal of barriers that have so far stopped ITV companies Carlton Communications and Granada from merging, the government has failed to address the issue of competition in TV advertising sales.
The IPA has called for a 25% ceiling on the amount of advertising a sales house in any medium owns and a 15% limit across all media. This would mean that a combined ITV would retain its two TV sales houses, maintaining competition between the two, and not driving up the price of airtime too high.
The organisation called for regulation of sales houses to be brought under Ofcom and lambasted the government for failing to do so.
It also repeated its call for the BBC to be regulated by Ofcom and said it should be "required to operate a public service remit and be made accountable for its performance".
Jim Marshall, IPA media policy group chairman, said: "While the bill is more liberal than we expected, our biggest concern remains -- where is the recognition and protection of advertiser interests? The IPA's submission drew attention to the importance for the industry of a free and open market in advertising sales.
"Although the bill addresses some of the main cross-media ownership issues, it does not look at media sales houses. We would also like to have seen the BBC brought more under Ofcom's remit, and if Ofcom is to assume some of the OFT's responsibilities with regard to competition matters in media, we will be extremely interested to find out how it intends to interpret this role."
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