Market jitters send over 50s into investment hiding

He said: “There is a growing trend for people to use drawdown on a DIY basis, with around a third of policies sold since pension freedoms without advice. 

“Defaults have been suggested as one solution but I don’t believe a default solution can deal with the complexities of retirement. 

“We need to think outside the box and look to develop more streamlined advice models, where advisers can engage with more clients or clients who are unwilling or unable to pay for face-to-face advice.”