Consumers are put off seeking regulated advice because they don't know how to judge its quality, research commissioned by the Financial Conduct Authority (FCA) suggests.
Fundamental problems with the shopping around system for annuities must be addressed before pension freedoms being in April, experts have said.
Consumer research undertaken by the Financial Conduct Authority (FCA) found that 40% of consumers do not exercise their option to switch and instead purchase an annuity from their existing pension provider. The regulator found six key reasons why.
The Financial Conduct Authority (FCA) said it has overhauled its systems and processes after it was found to have been "seriously inadequate" in its response to a media blunder earlier this year.
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The Financial Ombudsman Service (FOS) has ruled out charging "nominal" fees to complainants, agreeing with Parliament's view the service must be free to ensure the public's confidence in it.
Treasury Committee chairman Andrew Tyrie has said the Financial Conduct Authority (FCA) must engage more with the regulated community and do more for consumers, as the City watchdog announced sweeping structural and personnel changes following a strategic...
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