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Retirement income advice in a changing regulatory landscape

Video chapters - navigate easily to your area of interest

00:50 - Background to the FCA’s Retirement Income Advice Review
03:12 - What is a centralised retirement proposition or process (CRP)?
05:34 - Model portfolios in the context of a CRP
14:12 - What were the key findings of the Review and how do these impact advisers?
23:12 - Are differentiated portfolios needed for clients in decumulation? Are separate fee models required?
26:20 - What risks does the Review pose to firms and how do they mitigate these risks?  
28:57 - What is the retirement income advice tool (RIAT) and do advisers have to use it?
31:33 - What constitutes a sustainable income? Do annuities and new products have a role to play?
35:13 - Is using cashflow modelling compulsory following the Review?
40:10 - Key takeaways

Individuals now have greater flexibility when accessing their pension savings. As a result, retirees face more complex decisions – they need to decide how to fund their retirement, what level of income to draw and, where a pension remains invested, which investments to hold.

The FCA recognises advisers have a key role to play in helping customers make decisions for the decumulation phase of their lives. However, it is concerned that poor advice may have a particular detrimental impact on these customers. Indeed, a recent review highlighted a number of concerns – it found that not all firms have evolved their approaches and adapted to the post-pension landscape, for instance, or are taking account of the differing needs of their retired customers.

In this 45-minute webinar, our panel of experts considers the FCA’s Thematic Review of the Retirement Income Advice Market and what the implications are for advice firms. They also discuss the income options on offer and whether new solutions should be considered.

What is covered?
 

  • Why the FCA is so focused on the role and delivery of retirement income advice
  • The key risks to firms of providing retirement income advice to clients and the actions they should take
  • Whether firms need to have a different advice proposition and charging structure for clients in the decumulation phase of their lives
  • What constitutes a sustainable income and whether tools or models should be adopted to help ensure an income lasts as long as the client does
  • Other regulatory initiatives that could impact the advice sector, such as the FCA consultation proposing that firms set aside capital for potential redress liabilities. 
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The FCA’s Retirement Income Advice Review

The key areas identified by the FCA for improvement in the advice process.

Download Fidelity Adviser Solutions’ summary

Download Thistle Initiatives’ overview

About the speakers

Paul Richards, Fidelity Adviser Solutions

Paul is Head of Distribution and has worked at Fidelity since 2006. He is responsible for the development and implementation of sales strategy, as well as the day-to-day management of the field-based and telephony sales teams.

Paul has over 34 years’ experience in financial services, beginning his career at a life insurance company, before moving to Skandia, where he held various sales roles, culminating in the role of Sales Development Manager for the London region.

Paul holds the Advanced Financial Planning Certificate and is an Associate of the Chartered Insurance Institute.

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Paul Squirrell FPFS, Fidelity Adviser Solutions

Paul is Head of Retirement and Savings Development. He is a retirement and savings specialist, helping advisers with the complexities and ongoing changes in tax legislation.

Paul started his career in Financial Services in 1987 and was working as a pension specialist in the employee benefits sector before joining Fidelity in 2007. Prior to that he was an Independent Financial Adviser in the Suffolk Area.

Paul is a Chartered Financial Planner and a Fellow of the Personal Finance Society.

Paul Caine, Thistle Initiatives

As an Associate Director at Thistle Initiatives and a dedicated member of the Chartered Insurance Institute (CII), Paul consistently demonstrates his commitment to upholding the highest standards of professionalism and expertise in the financial services industry. His involvement in Section 166 projects underscores his dedication to enhancing the industry's integrity and regulatory compliance. Specializing in pensions and investments, Paul possesses a profound understanding of regulatory compliance across various sectors. His established track record is a testament to his ability to deliver tangible benefits to his clients.

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Dorian Cameron, Thistle Initiatives

Dorian has over 25 years of experience in financial services, with a particular emphasis on regulated financial advice. In addition to his degree in Economics and Business Administration, he holds qualifications such as the CISI Investment Advice Diploma and Private Client Investment Advice and Management. As a Chartered Fellow of the CISI, he has previously held FCA control functions (CF10, 11, and 30) at various firms, including fund managers and advisers.

Andy Brown, Retirement Solutions Consultant at Standard Life

Andy has held several senior executive roles within the Insurance and Asset Management industries. Notably as an Investment Director within Prudential’s Treasury and Investment Office where he was a member of the executive committee, risk committee and investment committee. Andy worked on the market leading Prufund range of investment products, helping to grow that business from creation in 2004 to over £50billion AUM. Most recently Andy has been working as a Consultant at Standard Life, focussing on developing a number of innovative retirement products for market, such as a new smoothed managed fund, the Standard Life Smoothed Return Pension Fund.

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