A report has revealed that 60% of IFA's believe that the UK government U-turn on including property in a self invested personal pension will affect their business.
The IFA census, published in conjunction with the Association of independent financial advisers (AIFA), shows that of that 60%, 29% thought that the change would significantly reduce the amount of Sipp business they would otherwise have written.
AIFA, in a separate statement responding to the change in rules, said that although the organization supported the new guidelines, the announcement was bound to cause difficulties for some financial advisers.
Fay Goddard, Aifa’s director general said: This decision, coming so late in the day, has taken many people by surprise and caused consternation. Many IFA firms, life offices and other stakeholders have invested considerable time and money in preparation for the new investment routine and many have already been raising awareness or advising clients of the opportunities available.