Our Retirement Income Advice Assessment Tool (RIAAT) helps personal investment firms understand how we assess the suitability of their retirement income advice and disclosures to consumers.
Retirement Income Advice Assessment Tool
We developed the RIAAT during our Thematic Review into Retirement Income advice.
We are publishing the RIAAT to help firms understand the methodology we use in our file reviews of retirement income advice. It may also be of interest to other stakeholders with an interest in Retirement Income advice, including:
- professional indemnity insurance providers who want to better understand how we assess Retirement Income advice
- compliance or legal consultants who want to be better able to support firms responding to our reviews
- trustees and sponsoring employers of defined contribution pension schemes
Using the RIAAT
Using the RIAAT is subject to the terms of our RIAAT Licence Agreement. Please read the agreement carefully before accessing or using the RIAAT. By accessing the RIAAT you confirm you accept the terms of the RIAAT Licence Agreement.
We recommend that you use the current RIAAT to assess your past advice. For example, if you receive any complaints about the Retirement Income advice you gave or as part of carrying out a past business review. This RIAAT sets out the key factors you should consider when checking the suitability of your advice and disclosure and allows firms to understand what we expect.
Our instruction guide will help you understand how to use the RIAAT or interpret the results from a file review by us. You can also email us if you have any questions about how to use the RIAAT.
Firms can use the updated RIAAT to assess the suitability of Retirement Income advice and the adequacy of client disclosure for advice given after 1 November 2007.
