Thematic review of retirement income advice

The Financial Conduct Authority, FCA, has published a press statement to announce an upcoming thematic review of financial advisers engaged in the advising clients as regards pension fund investments. The key objective of the review it to assess the suitability of the advice given by financial advisers to customers to ensure adequate outcomes for such.
The thematic review was previously postponed due to the onset of the COVID-19 pandemic and will now begin in the first quarter of 2023. A final report of the findings is expected for Q4 2023. The review will be linked to the FCA’s 2022/23 Business Plan in which the regulator announced further „lifetime mortgages work“ to assess the outcomes for consumers in the long-run. It will also serve the regulator to assess how firms are doing in terms of transposing their new consumer duty.