Almost half of those entering drawdown now do so without regulated advice, according to the Financial Conduct Authority’s (FCA) 2025/26 retirement income market data.
When the FCA initially began collecting retirement income market data in 2015, this figure was around a quarter. Quilter retirement specialist Adam Cole described the growing numbers as a "notable advice gap in drawdown". "While drawdown offers valuable flexibility, decisions around withdrawal rates and how long retirement savings need to last can have a significant impact on long-term outcomes," Cole said. Additionally, the regulator's data, published today (24 September), found more than half of annuity purchases are still made without either regulated advice or guidance. This...
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