The Financial Conduct Authority (FCA) has announced that it will conduct a review into the retirement advice given to savers.

It said that, due to the “greater number of options now available in retirement planning”, it is imperative that savers “get good advice at the point they access their pension savings and, if necessary, going forward”.

Following the review, the FCA is aiming to publish a report later in the year with its findings.

It stated that the review was a “key element” of its wider financial advice strategy.

According to the FCA, its other key priorities include work on defined benefit pension transfer advice, targeting pension and investment scams, and focusing on firms holding adequate financial resources and professional indemnity insurance.

Commenting on the announcement, Hargreaves Lansdown head of policy, Tom McPhail, said: “Consumer protection at and in retirement continues to be a significant challenge for the FCA in the post pension freedom world.

“They’ve done a lot of good work through the Retirement Outcomes Review but there’s still a lot more to be done.

“Most investors need help in making good retirement decisions, both at the point of retirement and in the subsequent years.

“The review is likely to take a close look at suitability reports and also at the cost and benefit of ongoing advice given to investors in the years after retirement.”

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