Almost half of drawdown sales non-advised, FCA finds

The regulator found customers going into drawdown are the most likely to have used a regulated adviser with an opt-in rate of more than half (58%). But this means 42% of those opted against advice. The figures capture pension sales data between for the period July to September 2015 - the second quarter post implementation of pension freedom reforms last April. The government's reforms gave defined contribution pot holders over the age of 55 unfettered access to the full suite of retirement income products. The FCA found 178,990 pensions have been accessed by consumers to take an in...