Adviser-focused platform Wealthtime (formerly Novia) has cut the amount of possible client compensation it has set aside over legacy assets to £10.5m.

Three quarters (75%) of financial advisers are reviewing their retirement approach following the FCA’s thematic review of retirement income advice.

Financial advisers need to take a closer look at the suitability of their investment approach for clients taking an income, according to platform Wealthtime.

Platforms Novia and Wealthtime have unified under a single group brand as Wealthtime as part of the final stage of a group-wide merger of the firms by their new owner, the private equity group Anacap.