2018年-FCA英国金融行为监管局_non_advised_drawdown_pension_sales_review_10页_285kb

Non-advised Drawdown Pension Sales Review: Summary of Findings

1. Core Content

This document presents the findings of a review into the sales practices of firms offering non-advised drawdown pensions following the introduction of pension freedoms in April 2015. The review focused on whether firms provided adequate information to help customers make informed decisions about accessing their pension benefits without financial advice.

2. Main Findings

2.1 Increased Demand for Drawdown

• The introduction of pension freedoms has led to a significant increase in drawdown usage.
• More customers are accessing pension benefits without financial advice.
• This trend has shifted the market from annuities (which previously accounted for over 90% of pension savings) to drawdown, where 37% of sales now occur without advice.

2.2 Complexity of Drawdown Decisions

• Deciding to use drawdown for retirement income is a complex process.
• Customers without advice rely heavily on the information provided by firms.
• Poor engagement with this information can lead to financial harm, such as running out of money in retirement or making unsuitable investment choices.

2.3 Firms' Information Provision

• Firms generally provide clear, fair, and not misleading information.
• Information is available in written, oral, and online formats, both at the point of sale and post-sale.
• Online tools and calculators are being developed to help customers explore different options and understand tax implications.

2.4 Non-Compliance and Information Gaps

• Some firms failed to provide required documents such as the Open Market Options Statement (OMO) or Key Features Illustration (KFI) in a timely manner.
• These documents are crucial for customers to understand the risks and benefits of drawdown.
• In some cases, information was available online but not in a durable format, and not all firms ensured that customers received ongoing updates about charges and investment returns.

2.5 Customer Behavior and Risk

• Many customers accessed their benefits before their intended retirement date, potentially limiting their options.
• Customers who take only the pension commencement lump sum (PCLS) and no immediate income often overlook investment choices and charge details.
• This can lead to suboptimal investment strategies, increasing the risk of financial shortfalls in retirement.

3. Additional Findings on Guarantee Disclosure

• A small number of firms failed to adequately disclose guarantees such as guaranteed annuity rates (GARs) or protected tax-free cash.
• This risk could lead to customers losing valuable benefits without fully understanding their implications.
• The DWP introduced new regulations in April 2018 requiring firms to disclose and value guarantees, which firms must now comply with.

4. Next Steps

• Feedback has been provided to all participating firms, focusing on areas of non-compliance.
• Findings will inform the final report of the Retirement Outcomes Review (ROR), expected in the first half of 2018.
• The review will also contribute to the FCA and TPR's joint strategic approach to the pensions and retirement income sector.
• Firms are reminded of their obligations under FCA and DWP regulations.
• The FCA encourages firms to consider their customers' information needs in a rapidly changing market.

5. Regulatory Context

• The review was conducted within the UK and EU regulatory framework.
• The UK government will continue to apply EU law until Brexit.
• The FCA is monitoring the regulatory environment for potential future changes.

6. Conclusion

While firms generally meet their obligations in providing necessary information, there are gaps in customer engagement and ongoing disclosure. The review highlights the need for better customer education and more consistent information delivery to mitigate financial risks associated with non-advised drawdown decisions.