Regulatory Alerts2019-01-25
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PS19/21: Retirement Outcomes Review: feedback on CP19/5 and our final rules and guidance
The Financial Conduct Authority finalizes rules requiring drawdown providers to offer investment pathways to non-advised consumers entering drawdown or transferring assets, presenting four specific usage options. Providers must ensure non-advised consumers invest wholly or predominantly in cash only after an active decision, accompanied by warnings, and must provide annual single-figure cost and charge information to consumers in decumulation. These requirements apply to firms providing income drawdown, with most changes coming into force on 1 August 2020.
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