Scottish Life has launched an annual review of Income Release options to help IFAs advise clients nearing retirement.
The reviews will allow advisers to consider their client's Income Release options each year and ensure they fulfil their TCF obligations, Scottish Life says.
Advisers will be issued with annual review documents six weeks before their client's review date, allowing them to identify any changes that need to be made to their investments and income levels.
Annual statements will be sent automatically, but IFAs will also be able to request ad hoc reviews when needed.
Scottish Life is also introducing annual customer statements, which will contain information about the value of a customer's plan and encourage them to speak to their IFA for further advice.
"The FSA requires IFAs to regularly review existing clients' plans, yet our adviser research identified that most providers do not have a robust process that provides an IFA with all the information they require to review and advise their income drawdown clients," says Keith MacPherson, head of individual business at Scottish Life.
"By providing IFAs with all the information necessary to conduct regular reviews, we're making the task easier for them and also helping them to meet their TCF obligations."
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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