FCA stats reveal hike in people accessing pensions without advice

About 30% of savers took regulated advice before accessing their pot

Jenna Brown
clock • 1 min read
Quilter head of retirement policy Jon Greer
Image:

Quilter head of retirement policy Jon Greer

The number of people who withdrew money from their pension pot for the first time increased to 885,455 in 2023/24, latest statistics from the Financial Conduct Authority (FCA) reveal, however, there was a decline in the uptake of financial advice beforehand.

The retirement income data for 2023/24 reported an almost 20% increase in people accessing their pots for the first time. It said 885,455 people withdrew cash from their pensions compared to 739,65...

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