On 9 December 2013, the Financial Services Consumer Panel (FSCP) in the UK published recommendations concerning the annuities market. This followed a 12 month study by the FSCP, which found that the market was not working well for consumers (mainly due to greater product complexity and increased use of non-advice services). Recommendations include (a) introduction by the Financial Conduct Authority (FCA) of a code of conduct for non-advice annuity providers emphasising high professional standards, transparent charging and clear explanations of the implications of not receiving advice and (b) that the FCA carry out a market study to investigate potential exploitative pricing of annuities sold by insurers to their defined contribution customers.