Providers back FCA's 'second line of defence' for retirees

The regulator set out its new rules in a Dear CEO letter to all pension provider chief executives. It said the rules, called for by both MPs and providers and dubbed the 'second line of defence', will give retirees additional protection when pensions freedom comes into effect from April. Providers have been told to introduce additional protection when people want to access their defined contribution (DC) pensions. They will have to ask consumers about their circumstances, including health and lifestyle choices or marital status. Providers will be required to give relevant risk warn...