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UK regulator seeks views on private pensions sector

The U.K. Financial Conduct Authority, or FCA, is researching the private pensions sector to ascertain if competition is working and if there are issues around the protection of consumers in this market it needs to address.

The regulator wants to talk to industry professionals, consumers and their representatives to understand how the differences and similarities between workplace and non-workplace pensions affect competition and the outcome for consumers. It will focus on issues such as product complexity, the factors that affect consumers' motivation and their ability to make decisions on pensions, if identification and switching to competitive products is possible, and fund choice and the use of defaults.

"A diverse group of people save into non-workplace pensions and it is a growing market. We want to hear from anyone with an interest in this subject about how they think the market is working," FCA Executive Director of Strategy and Competition Christopher Woolard said.

The regulator estimates that non-workplace pensions sector represent approximately £400 billion assets under management, more than double the investment in contract-based, defined contribution workplace pension schemes.

The FCA said it will seek input until April 27, and will then collect data to "understand any problems that are identified."