We all saw the FCA’s thematic review into Retirement Income Advice back in January 2023 – it’s more important than ever for firms to understand the outcomes of that review and the impact it may have on their advice. Our whitepaper is perfectly timed to share our expert thoughts, research, and guidance on how firms must take onboard the FCA findings.
Our mission is to support firms in the ever-changing regulatory landscape, and so, our latest whitepaper (co-authored with Brooks Macdonald) is designed to do exactly that. It’s informative, educational, and packed with action plan suggestions to encourage tangible changes for those navigating the decumulation space.
In the paper, our Head of Adviser Support, Christian Markwick and Senior Investment Director, Andrew Lewis (of Brooks Macdonald) demystify the FCA outcomes and explore the correct processes around retirement decumulation.
Anyone who knows either Christian or Andrew knows that it’s a subject they’re both passionate about. In 2017, Christian spoke of the potential decumulation gap in advice as firms found themselves with a Centralised Investment Proposition (CIP) in place but nothing to follow when it came to decumulation.
“The FCA is expecting advice businesses to be able to document what’s going well, and what’s not going well whilst recording good and poor outcomes and demonstrating that they’re actively meeting the needs of their clients. The biggest challenge that most firms are finding at the moment, is how to document that. We’ve talked about the FCA being a data-led regulator, it’s imperative now that firms are confident in the data that they’re holding.” – Christian Markwick.
A Centralised Retirement Proposition (CRP) is far more than your investment-based offering and covers a whole magnitude of additional areas from the target market, advice process, service proposition, MI, the technology used and how you assess and manage risk.
The goal of collaboration between us and Brooks Macdonald is to bring the experience of both businesses to support the ever-growing advice profession. The ideal scenario is that firms have established CRPs in place, however the reality is very often. We hope this paper facilitates tangible changes at a firm level.
