The Government is responsible for advisers and providers not being ready for A-Day according to 500 IFAs surveyed by Defaqto.
Research undertaken as part of The Pensions Report due to be published in October found that the majority of IFAs surveyed said that both advisers and providers were unable to adequately prepare for A-Day because the Government were still changing the rules in the weeks leading up to A-Day.
Defaqto says although advisers gave both positive and negative feedback on provider preparedness and support, the overwhelming feeling was that the Government was responsible for the confusion surrounding A-Day.
Head of pensions Matt Ward says: “The Government left both advisers and providers with no choice but to struggle through A-Day changes together as best they could. This was far from ideal, given that the industry is trying to build bridges with consumers. This episode will do little to enhance consumer trust in the financial services sector.”