The Financial Conduct Authority has updated the terms of reference for its market study into retirement income following the pension changes announced in the March Budget.
The market study was announced in February after the regulator found that the annuity market was 'disorderly' and 'not working' well for consumers.
But in a statement issued today, the FCA said: 'While the overarching objective of the market study remains to assess whether there are obstacles to competition working more effectively for consumers, in light of the Budget announcement we have revised its scope to give it a more forward-looking focus.
'This will allow us to understand developments in the new landscape and identify any competition risks and potential consumer detriment.'
Under the revised terms of reference, the study will assess the new market landscape, the products that are likely to emerge, the value for money of these products and how consumers, providers and intermediaries are likely to behave.
The FCA also said that a supervisory review into sales practices of pension providers that was going to form part of the market study would now be conducted as a standalone thematic review, to report by the end of the year.
The regulator said it had planned to publish interim findings from the market study this summer, but these would noe be delayed until later in the year.
