Two in three (62%) advisers with clients who are trustees or have interests in trust are concerned that their clients could be risking HMRC fines, according to new research.

One in 10 (13%) advisers told HSBC Life that they were very concerned.

Advisers were worried about clients risking HMRC fines by failing to register trusts with the Trust Registration Service before the 1 September deadline.

Around two in five (39%) of advisers surveyed had already contacted clients about their responsibilities, with a quarter (26%) planning on doing so soon.

One in five (17%) advisers said they have no plans to contact clients on the issue, with 8% admitting they were unaware of the Trust Registration Service.

Incoming rules from the HMRC on trusts stipulate that any express trust must register details of the settlors, trustees, and beneficiaries with the Trust Registration Service (TRS) by 1 September, with any trusts created after this date having 90 days to register.

Discretionary and absolute trust are subject to the rules, including any discounted gift trust, loan trust and gift trust.

The changes are part of updates to anti-money-laundering regulations.

Over a quarter (27%) of the advisers surveyed by HSBC believed their clients were unaware of their responsibilities under the TRS.

Mark Lambert, head of onshore bond distribution at HSBC Life (UK), said: “Advisers are clearly concerned about the risk of fines for clients failing to comply with the new TRS rules. Where an onshore investment bond is used for inheritance tax and intergenerational planning, trusts are an important part of the solutions that advisers provide for their clients.”

HSBC also surveyed advisers on the support they are currently offering clients around the change in rules.

A third (33%) were offering guidance on registering, with a quarter (28%) offering access to experts such as lawyers and accountants to help.

One in five (20%) of advisers were reviewing clients’ trusts ahead of the deadline, with a similar number (18%) providing guidance on legal responsibilities.

Fewer than one in five (17%) advisers were sending all information on clients’ trust arrangements needed for registration, with 12% reviewing general IHT advice as part of the process.

• Opinium surveyed 206 UK IFAs, including 117 who have clients who are trustees or have interests in trusts, between 22 and 29 June.