Gareth Shaw, Which? money expert, said:
“Deciding how to turn your hard earned pension savings into a retirement income is one of the most daunting and complex decisions people have to make.
“Consumers deserve to get products and services that help them make the most of their savings in retirement, so it is worrying that the FCA has highlighted that many people are not shopping around or taking much needed advice.
“The annuity market failed pensioners in the past. The FCA must now use this review to ensure that similar mistakes are not made with income drawdown products.”