Media comment: FCA publication on the final retirement income market study

Thursday 26 March 2015

Responding to the FCA publication on the final retirement income market study, Jackie Spencer, a retirement expert at the Money Advice service comments:

“We welcome the FCA’s market study which shows that more can be done to boost consumer confidence in making choices about retirement income.

“We particularly welcome the emphasis on encouraging consumers to shop around before they select the right product – millions of pounds are lost by consumers because they fail to do this. For annuities, we have a comparison table which covers all providers in the open market and helps them to choose the product that’s right for them.

“It’s also vital that consumers know where to turn for specialist advice. We’ll be launching our Retirement Adviser Directory soon, which will make it easier for consumers to find a regulated financial adviser specialising in retirement planning.”

The final retirement income market study can be found here.

-ENDS-

NOTES TO EDITORS:

1) The Money Advice Service’s information on retirement can be found at moneyadviceservice.org.uk/retirement

About the Money Advice Service
The Money Advice Service is an independent organisation. It gives free, unbiased money advice online at moneyadviceservice.org.uk, over the phone on 0300 500 5000, and face-to-face right across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.

For more information or to arrange an interview with a Money Advice Service spokesperson, please contact pressoffice@moneyadviceservice.org.uk.