LONDON, March 20 Reuters Britain39;s Financial Conduct Authority FCA has written to financial advisors to demand reviews on how they provide retirement income advice, following an assessment of good practice in the industry in line with its Consumer Duty rules.

The watchdog said on Wednesday it had identified some examples where firms were not taking account of the needs of their customers, or providing the right information.

Most files assessed by the FCA showed advice provided was suitable, but in some instances, the recommendations resulted in consumers losing guarantees or incurring unnecessary charges, the regulator said.

Decisions for consumers approaching retirement are complex, with the potential for risk, said Sarah Pritchard, the FCA39;s Executive Director of Markets and International.

Some firms are getting this right and making a real difference to their customers. However, others are not even getting the basics right and putting their customers39; futures at risk, she said.

Reporting By Sinead Cruise, editing by Amanda Cooper

Source Reuters