FCA finds failings in providers' drawdown sales

Steve Webb, pension minister at the time pension freedoms were introduced and now director of policy at Royal London, said the FCA’s research "reinforces the value of taking financial advice when making key at-retirement decisions".

Mr Webb also suggested the FCA should review whether people should be able to access tax free cash and leave the rest invested, to ensure they do not lose out on future investment growth. 

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“We also need to make sure that people get wake-up packs and other information much sooner, rather than after they have made up their minds,” Mr Webb concluded.