Regulatory pressure sees advisers spread business more widely

More providers are getting a bite of the apple amid push to justify value

Hope Coumbe
clock • 1 min read

Advisers are utilising a wider variety of pension products than they were in 2022, with personal pension, drawdown, and self-invested personal pension products (SIPPs) proving most popular.

Defaqto's 2024 Pension Service Review - published today (14 February) - shows advisers are utilising 3.84 different pension products on average compared with 3.2 in 2022. The annual survey measures satisfaction among advisers for service levels of providers and is the first to take place since the introduction of Consumer Duty last summer. Defaqto noted the impact of the regulation, combined with the Financial Conduct Authority's thematic review of income advice, had increased pressure on advisers and driven the "significant increase" in variety of recommendations. Survey findings ...

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