Richards added: "It's got to be simplified when someone hasn't got complex needs but the only way you could do that, you can't do it through a regulated process...
"I think we are going to see a different approach this time.
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"I'm not saying it's easy but you've only got to look at how many consumers are unengaged and see how horrifying it is that some people are approaching their mid-50s and they've got but £10,000 in their pension pot thinking that they'll still be able to retire at 67."
carmen.reichman@ft.com
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