Fair Pint has argued the British Beer & Pub Association's (BBPA) vow to reform the pubco model does not tackle the "bigger picture of concern" over the way it is operated.
The BBPA announced today it was committing to "fundamental reforms" to tied deals which will "benefit all licensees" - including "greater openness and transparency".
The announcement was the result of months of negotiation as part of the pub industry mediation process in response to the MP-led Business and Enterprise committee (BEC) report.
But Fair Pint's Steve Corbett said: "This agreement does nothing to rebalance this relationship between pub owning companies and their tenants and simply enshrines existing good practice in the management of tenancies."
He said the agreement was "very interesting" but "does not in anyway address the bigger picture of concern painted by the BEC report".
Fair Pint is involved in a separate agreement with other trade bodies and campaign groups and has helped form a new lobby group - the Independent Pub Confederation (IPC).
Meanwhile, consumer group CAMRA expressed its disappointment the mediation process had failed to address issues in the BEC report and its own super-complaint.
But chief executive Mike Benner said: "The formation of the Independent Pub Confederation is a very positive step forward, providing a common voice for consumers, licensees, lessees and small brewers.
"The prospects for industry self regulation to re-balance the relationship between pub owning companies and their tenants now appear slim and it is likely that intervention by the government and competition authorities will be the only route to deliver a fair deal for consumers in the UK pub market."