The Financial Conduct Authority (FCA) is proposing a ‘pensions dashboard’ – which will allow consumers to see all their pension pots in one place.
The proposal follows a study on retirement income the FCA carried out last year.
The regulator also wants an ‘annuity quotation ranking system’ – so that consumers can easily see if they could get a better deal by shopping around.
The FCA has confirmed it will proceed with the recommendations from their study.
The proposed remedies are:
- requiring firms to provide an annuity quotation ranking so that consumers can easily identify if they could be getting a better deal by shopping around;
- redesigning and ‘behaviourally trialling’ the information that consumers receive from their providers, such as wake up packs, in the run up to their retirement;
- in the longer term, the creation of a pensions dashboard which will allow consumers to see all their pension pots in one place.
Christopher Woolard, director of strategy and competition at the FCA, said: “The retirement income market is set for the biggest change in a generation. Over the next 12 months we want to ensure that the market is fit for purpose in the new landscape. We received considerable support for our proposals and we will be working with Government and the industry to implement all of our recommendations so that consumers can have confidence that they are getting the best possible outcome when making decisions on their retirement income.”