SIPPs are also expected to see more interest, according to a new report from provider iPensions Group.

Almost half (45%) of the 100 advisers surveyed expected the number of consumers taking out SIPPs to increase as a result of the launch of the new Consumer Duty rules.

Two in five (39%) said they believe the number of customers taking out retail investment products will rise.

The report also found the new rules are already having an impact on the products that Financial Planners offer to clients.

One in eight (12%) said they have stopped offering any high risk investments as a result, whilst 9% had withdrawn from offering defined benefit transfer advice.

Craig Cheyne, managing director at iPensions, said: “A key aim of the Consumer Duty regime is to increase investment in retail investment products and advisers are confident it will deliver on that.

“Pensions in general and SIPPs in particular look likely to be major beneficiaries of the new rules and advisers are also reviewing the products they will offer to customers.”

PureProfile surveyed 100 financial advisers focused on pensions during April on behalf of iPensions.