Earn 60 minutes CPD with our latest publication ‘Giving retirement income advice post the thematic review’ available to download now. Defaqto have teamed up with Standard Life to create a guide for advisers and paraplanners to help them navigate the regulatory and economic hurdles to give suitable advice with longevity.
The date 20 March 2024 will go down in history as the day the FCA defined what it considers good income in retirement advice to look like. The interesting thing is that the advice is only part of what the FCA is concerned about. They highlighted that good practices include:
• Firms showing that they have considered their customers’ needs
• Advice models designed to lead to good outcomes
• Clearly detailed processes
• Specific training on decumulation
• Tools to help illustrate complex information to customers (cashflow modelling).
In this guide we touch on the FCA’s Retirement Income Advice Assessment Tool (RIAAT) and its article on the importance of cashflow modelling and the issues advisers should be considering. We will then pick up on the sustainable level of income issue and explain how to meet this need. This is something our sponsor Standard Life is well placed to facilitate, especially following the launch of its annuity service last year
This publication is split into two sections.
Section A
In this section we look at the overall approach to evidence-based advice and how retirement income solutions can be combined to meet your clients’ evolving needs and objectives.
Driven by the FCA’s RIAAT and thematic review of retirement income advice, we highlight the need to evidence the suitability of the income being recommended
Section B
Here we put the spotlight on the Standard Life retirement income options and their support for advisers, both of which will continue to grow throughout 2024 and beyond.
We will also take a deep dive into the Standard Life Pension Annuity, an open-market proposition available for advisers to recommend right now.
Complete the form to download the guide