Advisers could face criminal charges under new powers for HM Revenue & Customs (HMRC) following the Budget if they fail to prevent tax evasion by inherited clients, a lawyer has warned.

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The continued cut to the amount people can save in their pension pots before a tax charge applies could incentivise people to invest in higher risk products, an adviser has said.

The government has announced a number of changes to the tax it collects from UK-based businesses, including financial advisers.

The government expects to collect an extra £3.1bn from those found to have avoided or evaded tax payments - and those professionals who help them - Chancellor George Osborne said in his Budget speech today.

Chancellor George Osborne will cut the lifetime allowance of tax free pension savings from £1.25m to £1m in tomorrow's Budget, according to reports.

Consumers are at risk of buying retirement products they later regret because of confusing regulatory rules around commission, pensions expert Ros Altmann has said.

The Association of British Insurers (ABI) has launched a campaign to help customers understand their choices in retirement following the government's pension reforms.

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A law firm has called into question the effectiveness of the regulator's investigations tool, which, paid for by the firms probed, led to enforcement action in only 2% of cases last year.