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Actuaries to probe income-drawdown market

The Institute and Faculty of Actuaries is to follow the PIA and IFA Association with its own review of the income-drawdown market in the new year.

It is to carry out a detailed survey of the way that income drawdown is sold. It is concerned about the structure of the product and how to develop its future use.

The review will be part of a continuing assessment of financial regulation. In October, it called for the burden of regulation to be switched from best advice. The review will be spearheaded by personal finance committee member Nick Taylor and chairman of the wider fields board Paul Seymour.

Seymour says: "We need to educate the public on this subject. It is all about making the customer aware of the difficulties. The idea was a brilliant one when it was introduced but it was not thought through."

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