It was 'a Budget for makers, doers and savers', in the word of Chancellor George Osborne as he stunned almost everyone with his radical financial plans for pensions in particular, writes Sally Hamilton, deputy personal finance editor of the Mail on Sunday in the last edition of Financial Planner magazine.
But you can argue that is was a Budget for Sipp providers too.
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The liberalisation of pensions for the consumer is likely to remove scepticism felt towards pensions among clients of Financial Planners and make them the vehicle of choice for those who want to feel more in control of their retirement pot, not only for the years they contribute to it but also in the years they draw from it.

In the words of John Moret, consultant at MoretoSipps: "Twenty-five years after Nigel Lawson's 1989 Budget conceived Sipps, George Osborne looks to have secured their future.'

While the future may be bright, the industry must negotiate a few clouds on the horizon. Providers are facing tough regulatory scrutiny once again - with the third thematic review in to the industry still in motion. In addition, the delay in announcing the new capital adequacy rules continues to rattle some providers' nerves. Meanwhile, for some, there remain ripples from the post RDR move to adviser charging to contend with.

Assessing the current state of the market, Mr Tony Parker, specialist products at provider AXA Wealth, said: "We have seen an increased regulatory focus on Sipps in the last 12 months with a number of interesting issues coming to the fore. The introduction of and support for adviser charging has been key.

"As SIPP products were more likely to have been recommended by advisers under a fee model, the impact of RDR was seen more on traditional commission payable pension providers. The transition to adviser charging was therefore arguably simpler for these fee taking advisers. In the last year we have also seen the introduction of the Financial Conduct Authority and a greater emphasis on risk, evidencing supporting governance and controls."
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Mr Parker believes the forthcoming capital adequacy requirements will have little impact on larger providers, with smaller players more likely to feel the heat. He also expects to see more consolidation. He said: "While this will reduce customer choice, it should also reduce any perception of risk posed by smaller providers."

The uncertainty is encouraging clients of Financial Planners to change the type of investment they are putting in their Sipps. Mr Parker said: "Exposure to more esoteric assets is declining which, while reducing the choice, also reduces provider risk. The regulator's views on property within Sipps has meant increased focus on liquidity where property is being held. This could lead to restrictions in the acceptance of property or certain conditions being applied regarding value of other liquid assets held."
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Some firms, such as Standard Life, have already pulled up the drawbridge on using Sipps to fund, with a mortgage, the purchase of a commercial property, although properties can still be put in its plans if bought outright - and existing investors are unaffected.
Mr Parker believes the recently announced modernisation of the pensions system will be a fresh – and welcome - challenge for providers.
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He said: "It will see more consumers seeking alternatives to annuities when securing their income in retirement. This underlines our own desire to see reform in the marketplace to give consumers access to a range of financial products that best suits their retirement income needs.

"The boost given to capped and flexible drawdown and the complete removal of current drawdown restrictions from April 2015 will provide consumers with much greater flexibility and control over their finances in the future, so it will be crucial for providers to offer this to their clients."

Hugo Thorman, managing director of Sipp platform Ascentric, agrees that the new flexible rules on pensions - which mean savers will no longer be obliged to take an annuity - will provide greater retirement planning opportunities.

But he cautions that the regulatory changes dogging the market currently will cause "a lot of difficulties" for some Sipp providers.

He does not include his own firm in this category, believing it is well placed to benefit from the shift away from more exotic investments to more standard fare.

He said: "Platforms have, however, tended to focus on the more normal financial assets such as Oeics, investment trusts and shares which are easily traded. The capital requirements for platform Sipp providers are therefore likely to be within their current expectations so these changes should have little effect on them."

Business this year so far at Ascentric is "buoyant", he says, partly thanks to RDR. He said: "For the majority of professional advisers there is support for RDR and the move to platforms as the best way to manage clients' investments and financial plans."
John Fox, managing director of Liberty Pensions, believes that it is not only the smaller providers who are being rocked by changes.
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He said: "I've never known so much uncertainty in the Sipp marketplace. In the past we've grown used to the larger Sipp providers sitting back smugly, safe in the knowledge that they will be unaffected by regulatory changes. Not this time.

"The recent 'U-turn' by Friends Life on their 21 per cent price hike is indicative of how many Sipp providers are trying to pre-empt what is widely seen as an approaching maelstrom; and one which, for once, will affect all SIPP providers great and small."

Liberty offers just one product now to new customers designed to be 'simple and transparent' he says. He added: "Larger Sipp providers can suffer from oil tanker syndrome - and may struggle to act as quickly as we have. Having researched the market, consulted with planners and spoken with customers, we feel we have put together a streamlined product that matches expectations; rather than imposing a blanket price rise as a knee-jerk reaction to perceived changes which will ultimately only alienate clients."

He believes the market generally is in a state of inertia but that once the watchdogs have finished mauling them with their latest round of reviews and demands, it will wake up and grab the opportunities.

Mr Fox added: "Market growth rates have slowed significantly particularly at the bespoke end of the market. Despite this the Sipp brand has remained strong and even allowing for the most pessimistic outcome from the FCA's review it is certain to grow – particularly via platforms."