PTA u-turn hits IFAs the hardest

Mark Henderson, director of wealth management at Positive Solutions, says IFAs have suffered in terms of time and cost from the unexpected withdrawal of tax relief on standalone PTA and the subsequent confusion caused by the Pre-Budget report. The firm had nearly 1,000 PTA policies in its sales pipeline when the Pre-Budget notes revealed the tax relief change, and Henderson says it is IFAs who bear the brunt of this. He states: “They are the ones who actually found the client, identified the need for protection and recommended the most tax-efficient way of getting it. They then had to...