FCA to review non-advised sales of income drawdown

In a policy paper outlining FCA rules for firms post the government's retirement reforms, published on 27 November, the regulator said it will consider how to protect consumers in the new pensions environment and review requirements where money is taken directly from pensions. The move comes in response to the government's opening up of the pension space as announced in the Chancellor's March Budget, which promised to allow all savers access to their pots. It follows a number of industry responses, which "raised concerns here as currently most drawdown products are sold with regulated...