Financial Planners are currently unconcerned about any shorter-term impacts hitting clients following the announcement of a UK General Election to be held on 4 July.

Whilst some Planners had received phone calls from concerned clients, business as usual was the message being given.

Keith Churchouse, Chartered Financial Planner and founder of Chapters Financial, said the election will have little immediate effect on his firm’s clients.

He said: “We have had some immediate contact from a few clients with reference to pensions and the current new regime that has come into place in 2024/2025. Will these be revised if we have a new administration is the thrust of the messaging.

“We are already in an elevated tax regime with regards to generally restricted allowances. Sticking to the basics of Financial Planning in ensuring that allowances are used effectively promptly remains unchanged.”

Darren Cooke, Chartered Financial Planner at Red Circle Financial Planning, agreed that there is no need for action at the moment from Planners.

He said: “I'm not doing anything because I don't think we need to. Markets are generally ambivalent to elections, this one more so than normal because we can be pretty certain who will win. In any case making any changes would be trying to time markets and that is a fools game.”

He also called on the political parties to provide clarity around pensions but has already decided who he will be voting for, both locally and nationally.

He said: “I'd like some clarity on pensions, specifically the Life Time Allowance which is currently a mess. I think we also now know the British ISA won't see the light of day. I'd also like to see the Personal Allowance raised, that would help far more people, and people who need help, that changes to NI rates.

“I think we already know what the candidates offer and I have already decided who I will vote for both locally and nationally. I think the vast majority of people have and we now have 6 weeks of a campaign that will change very little.”

Stuart Ritchie, managing partner of GSB Wealth, called on Labour to drop its plans to reintroduce the lifetime allowance for pensions.

He said: "Labour plans to reintroduce the lifetime allowance for pensions, potentially affecting savers with large pension pots. This is adding further complexity to a topic that needs to be simplified."

Mr Churchouse would like to see a greater emphasis on savings and financial education in the rhetoric being pushed by the parties ahead of the election.

He said: Both main parties appear to be occupying the middle ground (in most aspects of the pre-campaigning manifestos).

“Any new administration is likely to have an emergency budget to address their views and objectives for the future. I would still like to see the promotion of savings for the younger generations, and greater emphasis on financial education for all.”

As for what would secure his vote, more spending was the name of the day.

He said: “The UK has suffered from significant under-investment over many years in most aspects of our lives, from the NHS, to defence, to public services, to infrastructure. I would like to see these points being properly costs and addressed. A tall order, I appreciate.”