Providers must address 'opaque' drawdown charges or risk FCA intervention

Mackay said she found it impossible to compare the cost of drawdown of different providers because of the variety of charging structures and types of fees. She said if providers fail to act to streamline their charges soon the regulator will step in and force them to do so, leaving no further "wiggle room". Drawdown became a more popular retirement choice following the implementation of pensions freedom and choice in April, which allowed all defined contribution savers unfettered access to their pots from age 55, subject to normal taxation levels. People who would have previously h...