New FCA nudges for better long-term outcomes in non-workplace pensions

The UK’s Financial Conduct Authority (FCA) has published new rules for providers of non-workplace pensions. The intervention was prompted by FCA findings that suggested that, like in defined contribution workplace pensions, the non-workplace pension sector suffered from low consumer engagement combined with complex and confusing products and charges. The regulator said the issue had caused a lack of competitive pressure to drive better value for consumers. It also found that non‑advised customers often may end up investing in products that...