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ABI responds to FCA rules on retirement risk warnings

The FCA has today published a Policy Statement containing their rules for retirement risk warnings. 

Responding to the FCA Policy Statement, Huw Evans, Director General of the ABI comments:

Huw Evans, ABI Director General

"We welcome that FCA rules have been published today, as we have been encouraging greater regulatory clarity for many months, and with only 24 working days left until pension flexibility comes into force, all parties need to commit to a best endeavours beginning.

"This includes how the FCA approach supervising the implementation of these rules. To implement the risk warnings, providers will need to change literature, train staff and ensure systems are in place to make sure they work effectively, and the proposed review later in the year will be important to ensure the rules are working well in practice.

"More challenges lie ahead if the new retirement market is to work well for customers, not least on the advice boundary, and the ABI and its members are committed to work with the FCA to make all aspects of the new reforms a success."

 

 

 


Last updated 01/07/2016