Forcing product providers to reveal how their annuity quotes compare with competitors and developing a one-stop pensions 'dashboard' for retirees are two of several changes proposed by the Financial Conduct Authority (FCA) following its wide-ranging review of the retirement income market.
The ‘Pensions Dashboard' would allow consumers to view all their lifetime pension savings in one place, the regulator said. Additionally, it is proposing the introduction of what it called a 'behaviourally-trialled' alternative to the current system of wake-up packs. The recommendations follows a wide-ranging review into whether competition in the retirement income market is working for retirees. Today's findings are outlined in an interim report. The review was prompted by initial work conducted by the FCA in February, which found that the annuities market "was not working well fo...
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