The Financial Conduct Authority (FCA) has told chief executives of financial advice firms to review their retirement income advice processes following the conclusion of its thematic review.
The retirement income advice thematic review investigated how firms were providing advice and found examples of both good and bad practices. The FCA said the review had found some firms which had considered their customers' needs and designed their advice model in a way likely to lead to good outcomes. It said: "Some firms had clearly detailed processes, specific training on decumulation and used a range of tools to help illustrate complex information for customers." However, the FCA added that there were also examples where firms were not taking account of customers' needs. "...
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