City watchdog the FCA to focus on pensions after big industry changesComments Off on City watchdog the FCA to focus on pensions after big industry changes
The Financial Conduct Authority said it would investigate whether companies were helping retired workers make the right choices, following a dramatic overhaul to the annuities market last year by Chancellor George Osborne.
It is also set to probe the charges paid by investors to asset managers, as well as looking at the mortgage market and the use of data in the insurance industry.
Faced with “the most fundamental changes to pension policy we have seen in over a generation”, chief executive Martin Wheatley said: “We will be looking at how the market is working and in particular, how the industry is adapting to this considerable change and what it means for consumers.”
The FCA, which was hit by a scandal last year over leaks of market-sensitive data, is also creating two new divisions.
Supervision Investment, Wholesale and Specialists will be led by Tracey McDermott. Linda Woodall will head Retail and Authorisations as acting director.