A discussion paper has been published by the Financial Conduct Authority (FCA) in order to obtain views on the individual private pensions market.
The FCA is seeking feedback in order to gain a clearer picture of the non-workplace pensions market, assessing the level of competition in the market and whether any elements of it could be improved to enhance consumer protection.
The regulator estimates that of assets under management, individual private pensions represent around £400 billion on the whole.
Further, the FCA is also trying to assess how providers are offering their services and in turn, whether consumers are facing barriers when choosing a product.
The Executive Director of Strategy and Competition at the FCA, Christopher Woolard stated: “In recent years we, alongside the Department for Work and Pensions and the Pensions Regulator, have taken a number of steps to address weaknesses in the workplace pensions market. We believe it is now right to look at the other side of the picture and assess whether competition is working in non-workplace pensions.
“A diverse group of people save into non-workplace pensions and it is a growing market. We want to hear from anyone with an interest in this subject about how they think the market is working.”
