Should IFAs change how they provide retirement income advice?

The Financial Conduct Authority (FCA) has published its long-awaited Thematic Review of Retirement Income Advice. The report, based on surveying 977 firms and sampling advice files of 24 firms, was published alongside a new Retirement Income Advice Assessment Tool (RIAAT) and guidance on cashflow modelling.   In its report, the FCA highlights key areas for improvement, these include: Advice suitability: The FCA found some firms failing to gather sufficient information to understand clients' retirement and income needs in the short and longer term. Risk profiling: Some firms were no...