Responding to today’s final report of the FCA’s Retirement Outcomes Review, Director General of the Association of British Insurers, Huw Evans, said:
“This is a considered report from the FCA. It rightly recognises that, since the pension flexibilities were introduced, the market has been evolving. Providers are working hard to encourage consumers to seek guidance and advice to help them make the right decisions for their personal circumstances. Introducing a set of investment pathways for customers going into drawdown is a common sense approach which should strike the right balance between engaging them in decision-making while taking away some of the complexity.
“We have already laid the foundations for how a drawdown comparison tool could work in practice because we recognise how important it is for customers to be able to shop around. We agree a simpler presentation of charges will need to be a part of that. Our own five point plan published earlier this year aimed at better engaging people with their retirement options also recommends more targeted communications, including improvements to wake-up packs.”
More detail on our 5-point plan is here.
You can see detail of the ABI’s blueprint for a drawdown comparison tool here.