Which? executive director, Richard Lloyd, said:
“Consumers have been repeatedly let down by the pensions industry, with years wiped off people’s hard-earned savings, so it’s welcome to see the FCA working with the industry to clean up mistakes from the past.
“The regulator’s proposals to ensure consumers have better information when they make big decisions about their income at retirement are sensible. But action is long overdue and the regulator and industry must now quickly put in place changes to ensure retirement products offer true value for money.”