The Financial Conduct Authority (FCA) is undertaking a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement.
The regulator said that this review was prompted by the "vital" need for good advice by consumers at the point they first access their pension savings and on an ongoing basis, especially after the introduction of the government's pension freedom reforms in 2015. "Since 2015, there has been a significant shift to consumers drawing an income from pension funds which remain invested. Advice in this area can be complex, so it is important firms understand the needs of their consumers and ensure their advisory solutions deliver consistently suitable advice." The FCA had previously planned ...
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