"We believe it is now right to look at the other side of the picture and assess whether competition is working in non-workplace pensions."
The FCA estimates that individual private pensions collectively represent around £400bn assets under management - more than double the amount invested in contract-based DC workplace pension schemes.
The regulator is seeking feedback to better understand the market for non-workplace pensions, including whether competition is working well and if there are issues that need to be addressed in order to protect consumers.
It is also looking at whether providers are competing on charges and if there are barriers to consumers identifying, and choosing, from more competitive products.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “In recent years we, alongside the Department for Work and Pensions and the Pensions Regulator, have taken a number of steps to address weaknesses in the workplace pensions market. We believe it is now right to look at the other side of the picture and assess whether competition is working in non-workplace pensions.
“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.”
