Money
Advisers tweak processes in light of retirement income review
The majority of advisers have made changes to their processes as a result of the Financial Conduct Authority’s thematic review of retirement income advice, Wesleyan has found.
The FCA review, published in March 2024, suggested that while there are no systemic issues in retirement income advice practices, there are pockets where they could be improved.
This includes approaches to determining income withdrawal and gathering information to demonstrate advice suitability.
A poll by Wesleyan revealed that, since the report’s publication, nearly every financial adviser (91%) familiar with its findings has reviewed their advice processes.
It also found two-thirds (66%) of those have already made changes as a result.
Introducing or changing advice file record-keeping was the most common modification (64%), while three in five (60%) advisers have introduced or changed their client screening processes, and 45% have altered the way they segment their clients to offer a more suitable service.
A further quarter (27%) of respondents said that while they haven’t made changes to their processes yet, they plan to do so.
Overall, more than three-quarters (78%) of advisers polled agree that the thematic review has increased the industry’s focus on providing better, more suitable retirement advice.
Wesleyan’s managing director of intermediary distribution Karen Blatchford said the research shows that the industry has “taken the FCA’s findings seriously”.
“Advisers are being diligent and acting in line with the review’s principles to make sure they’re delivering the best possible outcomes for clients,” she said.
“Revisiting and improving processes will also support firms’ ongoing compliance with the Consumer Duty.”
Wesleyan’s research also found that 90% of advisers have helped clients who are at or nearing retirement adjust their asset allocation in response to the FCA’s findings.
The most popular steps taken have been to increase bonds allocation (55%), followed by decreasing equities allocation (40%).
Blatchford added: “The regulator remains focused on ensuring consumers can access investments that suit their attitude to risk and circumstances.
“Alongside changing asset allocation, advisers have a real opportunity to use specialist funds to help further improve suitability.
“This includes smoothed funds, which use an actuarial mechanism to hold back some returns during periods of strong fund performance that are then re-distributed during periods of weaker performance.
“This supports clients who may benefit from greater exposure to markets but want to help moderate risk and reduce volatility.”
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