A final report on the 'failing' market for retirement income is being drawn up by FCA officials.
Plans to introduce additional protection to pension holders ahead of the reforms kicking in in April have been outlined today by the FCA in a letter to chief executives of providers.
A senior figure at a Sipp provider fears that a failure to clarify the new capital adequacy rules could lead to worried firms going too far in an attempt to meet requirements and therefore end up increasing costs for clients.
A leading pensions body has insisted its members still believe the new capital adequacy rules for Sipp firms are "flawed" despite failing with its attempt to bring a Judicial Review.
The Association of Member-Directed Pension Schemes has failed with its attempt to bring a Judicial Review concerning the new capital adequacy rules, it has just been revealed.
A decision on whether a Judicial Review concerning the new capital adequacy rules will be allowed to go ahead should be known in the next few weeks.
The market for retirement income is failing, with many consumers missing out on a higher income by not shopping around, the FCA has concluded.
The FCA will strengthen its proposals on the pensions guidance service to protect consumers in light of industry concerns and following fears raised in Parliament over another mis-selling scandal.
The sweeping reforms to pensions introduced in the Budget have increased the need for regulators to protect consumers, the chairman of the FCA has said.
The Financial Conduct Authority has issued a warning about individuals being encouraged to transfer assets from their work pension schemes into Sipps as part of a deal to buy one company's shares.
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