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UK: FCA to investigate competition regulation for retirement

By  |  July 14, 2016

The Financial Conduct Authority has launched an investigation into the retirement market to assess how competition is developing and whether some regulation is “overly burdensome”.

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    Its Retirement Outcomes Review follows the Retirement Income Market Study, published in March 2015.

    The regulator now wants to assess competition in the sector by looking at how firms and consumers have responded to the pension freedoms.

    Christopher Woolard, director of strategy and competition at the FCA, said it is crucial the retirement income market develops in a way that allows consumers to engage with their options, shop around and switch providers where appropriate.

    “We also want firms to compete hard for business, offering good outcomes for consumers through lower prices, products and services that meet customer needs, better customer service and wider choice,” he added.

    Full Content: The Actuary

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