While the IPA has supported the scheme in principle since it was mooted in December 2005, it has come out against details of the policy, which will come into force on 1 April.
Specifically, the IPA's digital marketing group objects to what it says is the lack of a genuine trial period. Although the policy was announced in January, according to the IPA details of specific charges have not been forthcoming from many media owners.
The AOP/IAB has suggested that media owners yet to communicate their late-delivery guidelines should allow a month's grace. However the IPA has said that this period is not enough.
The lack of a clear policy for all media owners is also a sticking point.
The IAB/AOP says they are unable to dictate a universal policy because of competition law. ISBA also supports a universal system and has expressed concern that it was not consulted.
John Owen, the chairman of IPA Digital, said: "We suggested a series of stages for penalties. We're disappointed that they entered into a dialogue but haven't listened to our recommendations."