A number of pensioners in income drawdown who have seen their payments fall by up to 50% have complained of potential adviser ‘mis-selling', a provider has said.
Dentons director of technical services Martin Tilley said his firm had been getting complaints from consumers who feel that income drawdown was "mis-sold to them". Tilley explained an almost "perfect storm" of unpredictable economic factors and regulatory changes had resulted in income drawdown levels dropping by 40% to 50%. The Financial Services Authority confirmed last year it would conduct a review on the advice given by IFAs on drawdown. However, Tilley added: "From contact with our introducing intermediaries, very few have been contacted by the FSA to date." The factors affec...
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