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

An adviser study by Wealthtime and Copia Capital revealed that just 2% are confident their retirement proposition does not need to change in light of the FCA’s thematic review.

Wealthtime and Copia’s survey of 165 advisers revealed that 48% have already started a review, more than a quarter (27%) are planning to do so soon, while just less than this (23%) were still not yet sure if they needed to review their current strategy.

The findings also followed a newly published report by Copia looking at how the advice profession constructs retirement propositions and whether these approaches need to evolve in light of Consumer Duty and the FCA’s thematic review.

Head of commercial at Wealthtime, Robert Vaudry, commented that most firms are “sitting up and taking notice of the FCA’s findings”, realising that their existing retirement propositions might not meet the regulator’s expected standards.

“Planning for retirement has never offered so many options, but has also never been so complex,” said Vaudry.

“Advisers need to determine not only how a client will finance their transition from wealth accumulation to decumulation, but also the appropriate level of income to draw out and the best investment strategy for the remaining invested funds to mitigate the specific risks faced in retirement.

“It’s reassuring that the profession is already working to assess their retirement income advice processes and make sure they meet and evidence the FCA’s requirements and will deliver the best outcomes for clients.”

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