FT Adviser readers have been voicing their opinions on the findings of the FCA’s thematic review into retirement income advice.
As part of the review, the regulator found some advice firms were not taking account of the needs of their clients and told them to improve their retirement income advice services.
It also warned advisers not to rely on cashflow modelling without stopping to consider whether it was accurate or not.
In a Dear CEO letter, published alongside its thematic review on retirement income this morning (March 20), the regulator promised to carry out more supervisory work into the retirement income advice market to identify the scale of the issues.
It identified 231 firms which had charged for ongoing advice but not delivered it affecting more than 6,000 clients.
Readers shared their thoughts and concerns with the FCA's recommendations following the review suggesting a collaborative approach between the regulator and advisers could be a better way of engaging with the sector.
On the FCA's findings
On cashflow modelling
On ongoing advice issues