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. 

The FCA has set out its business plan for 2024/25, promising to continue to focus on preventing serious harm to consumers, setting higher standards and promoting competition.