The review will focus on the advice that consumers receive around retirement income. With a greater number of options now available in retirement planning, it is vital that consumers get good advice at the point they access their pension savings and, if necessary, going forward.

The review will involve a representative sample, to build a view of the retirement income advice market. We aim to publish a report setting out the results of the review in 2020.

The review is a key element of our wider strategy for the financial advice sector. Our other key priorities include our ongoing work on defined benefit pension transfer advice, our activities targeting pension and investment scams, and our focus on firms holding adequate financial resources and professional indemnity insurance. We will also be focusing on how firms have implemented the new senior managers and certification regime (SM&CR). Today we have also published a portfolio letter outlining the key risks for financial advisers.

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