Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Plsa concerned by retirement pitfalls uncovered by fca report

Plsa concerned by retirement pitfalls uncovered by fca report

Today’s report from the Financial Conduct Authority (FCA), Non-advised drawdown pension sales review: summary of findings, shows that many savers are struggling with the complexity of decision making required following the pension freedoms. With drawdown sales now twice that of annuity sales, and 37% of drawdown sales being made without advice, it’s clear that significant reform is needed1.

Responding to the report, Tim Gosling, Policy Lead: DC, Pensions and Lifetime Savings Association said:

“Turning a pot of money into an income is a challenging financial task and the FCA’s new report shows people are struggling in the absence of advice.

“The need for default investment pathways in non-advised drawdown to ensure good outcomes for savers is now clear. The FCA suggested this as a customer protection measure in the interim report of the Retirement Outcomes Review and we believe they should now follow through on that in their final report.

 “In the future, the PLSA would like savers to benefit from a decumulation process that supports them in making good decisions throughout the course of their retirement. In particular we need to learn from the success of automatic enrolment and the power of defaults while still preserving retirees’ freedoms to act as they wish.

“We propose that trustees or IGCs should be able to select a decumulation product appropriate to the membership of their scheme and should sign-post their members to this product at retirement. This would create a clear path to a suitable income product for scheme members to follow if they chose. Members would be encouraged to make an active decision; and no member would be moved into the sign-posted decumulation product or solution without their explicit consent.

“We look forward to continuing to work with the FCA and our members on this matter; and will continue our own research as part of our Hitting the Target project.”

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post