The Association of Professional Financial Advisers has warned that many of the professionals it has consulted with about the plans, which are due to take effect next year, have no interest.

And it also called for the Government to delay implementation, saying the timing was wrong, with all of the uncertainty caused by Brexit.

Chris Hannant, APFA Director General, said: “I have concerns about the workability of the proposals as the vast majority of financial advisers I have spoken have said they just aren’t interested.

“There is therefore the risk of a mismatch of supply and demand, particularly given the creation of a mandatory advice requirement for those whose annuities are valued above a certain threshold.

“HM Treasury and the FCA need to recognise that the time is therefore not right to push ahead with their plans for creating a new secondary annuities market.

“I believe the correct course of action is to shelve these plans until advisers and their clients have had the time to digest and work through the current market uncertainty.”

He added: “Now that the UK public has voted to leave the EU, the financial markets are facing considerable uncertainty and upheaval. Financial advisers, their clients and the public have a lot on their plate to contend with over the next few years.”