The Financial Conduct Authority (FCA) should grant advisers immunity from regulatory backlash when recommending retirement products which fulfill certain criteria, a retirement report commissioned by the Labour Party has said.
The long-awaited Independent Review of Retirement Income report (IRRI) called for certain products to be pre-approved by the regulator, allowing advisers to recommend them without the possibility of being sued for bad advice. It said the success of government pension reforms will depend on informed decision making by consumers. However, it found many consumers do not understand risk in retirement products and should not be expected to manage it themselves. Safe harbour products will need to feature a combination of accessibility (the flexibility to withdraw funds when needed); infl...
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