Insurance and reinsurance newsletter

Earlier this month, the FCA published a discussion paper seeking feedback on whether the market for non-workplace pensions is sufficiently competitive and whether there are issues that need to be addressed in order to protect consumers. The FCA estimates that non-workplace pensions collectively represent around £400bn of assets under management.

Following recent pensions reforms and the freedom offered to individuals to invest their own retirement funds, the FCA’s focus on non-workplace pensions is consistent with their targeting of sectors which have undergone relatively little scrutiny from a competition law perspective but which have the potential to give rise to concerns in this area. This newsletter considers the discussion paper and some of the FCA’s areas of concern.