Will the FCA’s new Consumer Duty mean more support for those not taking advice?

Will the FCA’s new Consumer Duty mean more support for those not taking advice?

FCA Logo Every year, around 700,000 people (£45bn of pots) start accessing their pension pots . These new retirees have big decisions to make about their future retirement income.

Around 250,000 enter drawdown, with around 120,000 (£6bn of pots) not taking advice. Advice is not compulsory so they have every right not to, but managing retirement income so you do not run out of money over your lifetime is hard, very hard.

The new consumer duties have an overriding principle that “A firm must act to deliver good outcomes for retail customers”Will this principle lead to more support directly […]

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