FCA blasts advice on pension planning

CITY watchdog the Financial Conduct Authority has put the financial advice sector on notice, accusing some firms of “not even getting the basics right” when it comes to retirement advice.

- Daniel O’Boyle

The FCA said that while many firms are doing things properly, some are not considering a sustainable level of income to support retirement or not providing the right information to customers.

Sarah Pritchard, Executive Director of Markets and International at the FCA, said: “Some firms are getting this right and making a real difference to their customers. However, others are not even getting the basics right and putting their customers’ futures at risk. We urge all firms to take on board our findings and review their own processes. Where they do not, we will act.”