Drawdown clients are being exposed to high-risk investments without their knowledge leaving advice firms on a “ticking time bomb” of potential complaints, according to Financial Planning fintech EV Financial Solutions.

The Financial Conduct Authority has today written to the chief executives of financial advice firms asking them to review their retirement income advice processes. 

Financial Planning firms need to assess their retirement income advice in advance of the FCA’s impending review of the retirement income market, a compliance firm has warned.

The FCA is to launch a comprehensive thematic review of retirement income advice.