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Personal Finance14.07.2017

Regulator warns on use of pension freedoms without advice

A review of the retirement market carried out by the UK regulator has raised concerns that a growing number of those reaching retirement are choosing income drawdown products without first seeking advice.

The Financial Conduct Authority (FCA) has conducted a study of the retirement income market following the introduction of pension freedoms in April 2015. The findings suggest that consumers are increasingly accessing drawdown without taking advice. Before the introduction of pension freedoms, 5% of drawdown was bought without advice compared to 30% now. Drawdown products offer an attractive level of flexibility and control but are considered riskier than buying an annuity or receiving a scheme pension.

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