FCA Policy Statement PS19-21 Retirement Outcomes Review |

FCA Policy Statement PS19-21 Retirement Outcomes Review

FCA Policy Statement PS19/21: Retirement Outcomes Review


  • PS19/21: Retirement Outcomes Review: feedback on CP19/5 and the FCA’s final rules and guidance
  • Published by the FCA on 30 July 2019
  • This Policy Statement summarises the feedback received to the second consultation on remedies from the Retirement Outcomes Review (ROR). It sets out the FCA’s final rules on investment pathways and the other remedies in CP19/5.

The FCA is introducing new requirements primarily to help non-advised drawdown consumers who struggle to make investment decisions.   The FCA also intends to promote competition by making the actual charges paid by consumers clearer.


The FCA’s new rules and guidance:

  • introduce ‘investment pathways’ for consumers entering drawdown without taking advice
  • ensure that consumers entering drawdown only invest mainly in cash if they take an active decision to do so
  • require firms to send annual information on all the costs and charges paid over the previous year to consumers who have accessed their pension

This Policy Statement will be of interest to firms providing income drawdown. It will also be relevant to stakeholders with an interest in pensions and retirement issues, including:

  • individuals and firms providing advice and information in this area
  • distributors of pensions and retirement income products
  • asset management firms

Timeline with relevant dates to be logged on regulatory calendar

  • Policy Statement issued on 30 July 2019
  • New rules and guidance come into force on 1 August 2020

Next steps

Firms should note the Handbook changes in the PS and adapt their practices accordingly.

The new rules and guidance set out in this Policy Statement will come into force on 1 August 2020.

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