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Advisers carry can and costs over PTA

Positive Solutions had 1,000 policies in pipeline and says U-turn hit IFAs.

Positive Solutions has accused the Government of leaving IFAs to carry the can for its pre-Budget report U-turn on pension term assurance.

Director of wealth management Mark Henderson says the firm had nearly 1,000 PTA policies in the sales pipeline when the change on tax relief was announced.

The change is effective for policies after December 6 , the date of the pre-Budget report, but HM Revenue and Customs later confirmed that pipeline policies applied for by that date would remain eligible for relief if received by providers by midnight on December 13.

Positive Solutions says its interactive pipeline system was able to identify applications that had been submitted by its IFA partners. Providers helped update the firm and it passed on the information to its IFAs through the system.

Henderson describes the U-turn and pipeline confusion as a “total botch” which has forced extra costs on to IFAs.

He says: “By doing their job properly and keeping clients fully informed and up to date with developments, IFAs have had to give clients different stories, potentially three different stories. It cannot do the industry any good.

“The IFA has been left to carry the can and the IFA, to a certain extent, has been left to carry the cost. If you are visiting clients more often than should have been necessary, there is a cost to that and it is the IFA who is bearing that. They are the ones who found the client, identified the need for protection and recommended the most tax-efficient way of getting it.”


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