Fewer retirees are choosing to take regulated financial advice at the point of decumulation, according to analysis of Financial Conduct Authority (FCA) data by Just Group.
Just Group said it had crunched the FCA numbers and found of the 267,204 decumulation products sold in 2022 just over 41% of sales were completed without advice compared to 34% in 2018. It added that in the same period, the annual number of advised sales dropped by 7% to 157,011 while the number of non-advised sales "soared" by 24% to 110,193. The specialist retirement provider also said analysis of its sales data mirrored the FCA data and showed the overall number and proportion of advised decumulation sales had fallen in the last five years. Source: Just Group Just Group commun...
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