Citing persistent concerns about consumer harm, the U.K.’s Financial Conduct Authority (FCA) is planning a review of retirement advice.
The FCA said Tuesday that it will examine the market for pensions and investment advice. The review will focus on the advice that investors receive about retirement income, the FCA said.
In a letter to advisory firms, the FCA said that it’s seeing “an increasing number of cases where the actions of firms are resulting in significant harm to consumers’ financial well-being.”
It’s particularly concerned about unsuitable advice, excessive fees and charges, pension and investment scams, and firms failing to compensate harmed investors, the letter said.
“There will be increased focus on these areas as part of our wider supervision of firms over the next two years,” it said.
The regulator intends to publish a report setting out the results of the retirement advice review later this year.