Thematic Review of Retirement Income Advice Findings

This document is a technical report detailing the Financial Conduct Authority's Thematic Review of Retirement Income Advice, published on 20 March 2024. It outlines the findings from a representative sample of 977 firms and a desk-based review of 24 firms. The review indicates that firms need to enhance their retirement income advice services, highlighting both good and poor practices across the market. Good practices include the use of detailed retirement propositions and stress-testing decumulation plans. Conversely, poor practices were identified, such as inconsistent approaches to client needs and inadequate record-keeping. The report emphasizes the FCA's intention to follow up on these findings and conduct further supervisory work to address identified issues. Additionally, it discusses the importance of considering the needs of vulnerable clients and the implications of the Consumer Duty on firms' practices. The document serves as a guide for firms to improve their retirement income advice processes and compliance.