What happened?
In an article published in Money Marketing, TCC’s Technical Director David Boyhan addresses the FCA’s heightened scrutiny of retirement income advice. Earlier, the regulator issued a major 87-question survey to more than 1,000 advisory firms, gathering data on their management processes, fee structures, incentives, and internal controls.
Given the high risk of poor outcomes associated with decumulation and retirement planning, the regulator expects firms to actively and systematically review their advice models.
Why does it matter?
With further regulatory findings and communications expected, firms must take a proactive approach rather than waiting for formal intervention. Designing and auditing a dedicated Centralised Retirement Income Proposition (CRIP) is essential for proving compliance with the Consumer Duty.
Firms must ensure that advisors are supported by robust tools, clear decumulation suitability standards, and aligned fee structures that put customer outcomes first.
Who is affected?
This media commentary is designed for advisory firm executives, pension trustees, and compliance managers in the pensions and wealth sector.
Supporting sources
Frequently asked questions
Why is the FCA focusing on retirement income advice?
Due to the high inherent risk of negative outcomes from decumulation decisions, the FCA surveyed 1,000 firms to evaluate processes, fees, and controls.
What is the recommended response for wealth managers?
Firms should proactively review their advice processes, fee structures, and controls to ensure their Centralised Retirement Income Proposition delivers good outcomes.
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- Compliance AI & RegTech
- Consumer Duty
- Regulatory Change & Transformation
- Suitability, Advice Quality & File Reviews
- Pensions & Retirement IncomeTCC helps pension providers, retirement specialists, advisers, platforms and consolidators strengthen retirement income governance, evidence customer outcomes and manage regulatory risk. Our specialists support firms with retirement income reviews, ongoing servicing assessments, Consumer Duty programmes, DB transfer reviews, vulnerability frameworks, remediation projects and compliance monitoring across the customer lifecycle.
- Wealth Management & Financial AdviceTCC helps wealth managers, financial advisers, networks, platforms and consolidators strengthen compliance, evidence customer outcomes and manage regulatory risk. Every engagement is designed to deliver practical improvements, stronger governance and regulator-ready evidence. For more than 25 years, we have helped FCA-regulated firms navigate regulatory change, supervisory reviews and business growth.