Which? executive director, Richard Lloyd, said:
“The FCA’s plans should improve a pensions market that has let down millions in the past. But having identified concerns about the historic mis-selling of annuities, urgent action is needed now so consumers can know if and how they will be compensated.
“Which? has been campaigning for Better Pensions and it’s good to see backing for a pensions dashboard that enables consumers to see all their pensions and savings in one place. The regulator must now ensure that consumers have confidence in the retirement income market before they have to make complex choices.”