The Financial Conduct Authority (FCA) has issued a survey to 1,300 UK advice firms as part of its review into retirement income advice, International Adviser understands.
In January 2023, the UK regulator announced it was proceeding with a thematic review of how financial advisers are delivering retirement income advice and the quality of outcomes for consumers.
The survey, which was sent out in June 2023, consists of 14 sections which contain 87 multiple choice and yes/no questions.
It asks advisers to provide their 2022 data on a range of issues including:
- Decumulation;
- Lifetime lending;
- Vulnerable customers;
- Business models;
- Minimum, mean and maximum initial and ongoing advice fees;
- Company revenue from decumulation advice; and
- Charging structures.
A spokesperson for the FCA said to IA: “The review will explore how financial adviser firms are delivering retirement income advice and assess the quality of outcomes that consumers are getting.
“Responses to the survey will provide data to help us understand whether the market is working effectively and to better focus future work. It will also provide an indication of how firms are implementing the Consumer Duty.”
