Phoenix Group, owner of Standard Life and Sun Life, has reserved £70m for the potential impact of Consumer Duty legacy product costs, it revealed in its annual results today.

Financial advisers need to take a closer look at the suitability of their investment approach for clients taking an income, according to platform Wealthtime.

The FCA’s thematic review - which investigated how firms were providing retirement income advice - has demonstrated the value of a good Financial Planner, according to financial professionals.

The Financial Conduct Authority has today written to the chief executives of financial advice firms asking them to review their retirement income advice processes.