Some financial advice firms are not adequately collecting and recording client information when offering retirement income advice, according to the FCA.

The average worker is on course to miss their target annual retirement income by £12,000, according to new research.

Behavioural finance firm Oxford Risk has launched new retirement income suitability software to help Financial Planners and advisers meet the FCA's stricter requirements in the wake of last year’s thematic review.

The latest FCA retirement income data for 2023/24 has revealed a 20% rise in the number of pension plans accessed for the first time between April 2023 and March 2024.