Pension pots raided without advice

The Financial Conduct Authority (FCA) found that 48 per cent of pension pots that had funds withdrawn in 2018-19 were accessed by people who had not taken any regulated guidance or advice.

Pension freedoms introduced in 2015: The former chancellor, George Osborne, allowed savers to access their retirement pot from the age of 55 without having to buy an annuity

Personal Finance Society concerned: The chief executive of the professional body for financial advisers, Keith Richards, called the findings “deeply concerning“. He said that people who take advice are more likely to make informed decisions and avoid costly mistakes.