Following a review that found widespread deficiencies with retirement advice, the U.K.’s Financial Conduct Authority (FCA) is calling on firms to review their approach to this kind of counsel.

The regulator issued a letter to the CEOs of financial advisory firms highlighting the results of a review of the retirement income advice market. Among other things, it examined how firms’ advice models consider the decumulation needs of investors, and whether investors are getting suitable advice.

While the review found that the advice provided was generally suitable, it also found evidence that firms failed to properly consider their clients’ needs.

“This included where firms operated in a way unlikely to lead to good customer outcomes by not considering a sustainable level of income to support retirement and some instances of firms not providing the right information to customers,” the FCA said.

Additionally, the regulator said some firms gave advice that harmed investors by saddling them with unnecessary charges, or that deprived them of certain guarantees.

“All firms that provide retirement income advice should consider and use this information to review and update how they work,” the regulator said, adding that it will follow up with specific firms, and undertake further supervisory work to address potential investor harms.

“Financial advisors have a vital role in helping consumers to make the right decisions now to support them long into the future. Decisions for consumers approaching retirement are complex, with the potential for risk. We want to support a sector that can help consumers access pension benefits, invest with confidence and have a sustainable income when they retire,” said Sarah Pritchard, executive director of markets and international at the FCA, in a release.

“Some firms are getting this right and making a real difference to their customers,” she said. “However, others are not even getting the basics right and putting their customers’ futures at risk. We urge all firms to take on board our findings and review their own processes. Where they do not, we will act.”

Alongside the letter to industry CEOs, the FCA also published a tool that details how the regulator reviewed advice files, and shows how firms can evaluate whether their advice would be considered compliant by the FCA.