Retirement reviews and the Consumer Duty

Presented by

Martin Lines

About this talk

With the forthcoming thematic review of retirement income advice, there is a huge focus on putting a robust plan together. This should meet the outcomes of the Consumer Duty for a client, based on all the information on file. But it’s not just about the hard data - it’s also about understanding the characteristics of the client, their need for flexibility and a range of retirement goals. And it doesn’t end after the initial plan has been put in place… The Personal Finance Society’s Good Practice Guide on Income Drawdown states that ‘firms should scope out, document and follow a defined process that is able to evolve. It must include a process to cover the onboarding of new clients and a robust review for existing clients’. In this session, we’ll look at a number of ideas as well as industry guidance to show how to review a client’s plan throughout retirement and into later life. We’ll also consider what the regulation tells us about service design and segmentation to ensure that the process remains aligned to each client. Learning Objectives: • Examine the key factors in a review process • Discuss key industry guidance on good practice relating to pension reviews • Recognise the impact of health, ageing and other client characteristics CPD: 45 minutes
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We are a specialist UK financial services group focusing on attractive segments of the UK retirement income market. The Group is a leading and established provider of retirement income products and services to individual and corporate clients.