Why this paper
The FCA has made its expectations clear. Most firms are not yet meeting them.
TR24/1, the Dear CEO letter, and the 2025 Good Practice update signal that retirement income advice will remain an ongoing supervisory priority. Tightening documentation is no longer enough — firms must demonstrate structured, evidence-led decumulation processes.
This whitepaper, produced by Money Wise UK® and Aspen Advisers, provides an independent framework to help advice firms respond. Rather than promoting a single solution, it gives planners the tools and evidence to strengthen retirement outcomes, governance, and Consumer Duty compliance.
What's covered
Eight areas covered in depth across 28 pages
Lessons from the FCA thematic review
A thorough breakdown of TR24/1, the RIAAT tool, and what the regulator will be testing for next.
CRP® vs CIP — the critical distinction
Why a CIP is a component of a CRP®, not a substitute, and what the FCA expects to see in each.
Cashflow modelling best practice
Real-terms, net-of-tax, stress-tested models — what "good" looks like and common poor practices to avoid.
Drawdown vs annuity
A comparative framework covering conflicts of interest, sustainability testing, and blended approaches.
Consumer Duty and fair value
Embedding PRIN 2A.4 into your CRP® — what fair value actually means in a retirement context.
Constructing a CRP® step by step
A six-step framework: from defining objectives and technical framework through to governance and oversight.
Behavioural risks in retirement
Anchoring, status quo bias, loss aversion — and how a structured CRP® addresses both adviser and client biases.
Technology and solution providers
The role of platforms, cashflow modelling tools, and MPS solutions in strengthening governance and scalability.
A well-designed CRP® delivers more than regulatory compliance. It improves client confidence and outcomes, embeds Consumer Duty, strengthens governance, and enhances firm valuation.
Money Wise UK® & Aspen Advisers — Whitepaper, 2025
Three practical examples of CRPs® in action
