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<p>The Financial Conduct Authority (FCA) is the regulator of pensions decumulation
products, including drawdown products.</p><p> </p><p>The FCA conducted the Retirement
Outcomes Review into the retirement income market, publishing the final report in
2018. The final report particularly focused on investment choices and charges in drawdown.
As a result of its findings, it is introducing or consulting on a number of remedies
to protect consumers from poor outcomes and promote competition in the market. These
include the introduction of investment pathways and a requirement for consumers entering
drawdown to receive clearer information on charges. The FCA is also currently consulting
on extending the remit of Independent Governance Committees (IGCs) to investment pathways.</p><p>
</p><p>As the remedies will be a significant intervention in the drawdown market,
the FCA plans to conduct a detailed review of the impact of investment pathways one
year after implementation to consider how well the remedy is working.</p>
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