Kevin Hollister looks at Consumer Duty with a focus on drawdown and says non-advised customers are in line for better outcomes...
Every year, about 700,000 people (£45bn of pots) start accessing their pension pots. These new retirees have big decisions to make about their future retirement income. About 250,000 enter drawdown, with around 120,000 (£6bn of pots) not taking advice. Advice is not compulsory so they have every right not to, but managing retirement income so you do not run out of money over your lifetime is hard, very hard. The new Consumer Duty has an overriding principle that "a firm must act to deliver good outcomes for retail customers". Will this principle lead to more support directly from p...
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