Retirement income firms under scrutiny, with some "not getting basics right"

Firms giving retirement income advice have been told to review their processes since some of them "are not even getting the basics right"; and most would not comply with the Consumer Duty.

By Neasa MacErlean

The FCA's instructions follow a thematic review of the sector and "may also be relevant to firms providing personal recommendations on investments more broadly". Where firms do not "take on board" the review's findings, the regulator has saidthat it "will act".