The Financial Services Authority (FSA) is conducting a review of the quality of advice given on pension income drawdown.
The regulator has written to advisory firms to check they are following the new rules around drawdown which came into force in April this year.
An electronic questionnaire has been sent to firms which must be completed and returned by 30 November.
An FSA spokesperson could not confirm how many firms have been approached.
The questionnaire is not in response to any particular concerns about drawdown advice but is a trend-monitoring exercise, the spokesperson said.
Any further action on drawdown advice will depend on the outcome of the exercise, the regulator said.
The questionnaire follows an investigation into SIPP business conducted by the FSA earlier this year, in which 70 SIPP providers received questionnaires about how they carry out their business, and eight were visited by the regulator.
From April 2011, rules around how much investors can withdraw in drawdown also changed.
Drawdown is now restricted to 100% of the equivalent annuity rate, rather than 120% as it was under the former unsecured pension (USP) system.
Investors must also review their income rates with an adviser or their drawdown provider every three years, or annually after the age of 75, rather than every five years as before.
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019