The Financial Conduct Authority (FCA) has altered the scope of its retirement income study following the huge changes to annuity rules announced in the Budget.
A review of the retirement income market was already underway when the Chancellor announced the wide-ranging changes in his Budget speech on 19 March. The FCA has now released updated terms of reference for the study, taking the future changes into account. The market study was originally investigating whether there are "obstacles to competition working more effectively for consumers in this market". It followed the regulator's thematic review of annuities. "In light of the Budget changes we will also look to understand how consumers, providers, and distributors are likely to behave i...
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