Jenni Allen, Managing Director of Which? Money, said:
“The proposal to introduce investment pathways will go a long way to support disengaged savers and help them make smart retirement income choices. However, it is disappointing that the FCA has stopped short of calling for a charge cap on pension drawdown products, that could stop consumers from sleepwalking into costly and confusing products that can drain the money they need for their retirement.
“The FCA must now act swiftly on its proposals to ensure they are introduced as quickly as possible.”