It has not been completely obvious how the providers are preparing for it, and enquiries are pouring in at networks and complaince consultants over what changes mean and how advisers should prepare for them.

It is clear at least that the government is aware of the scale of the challenges consumers coming to retire face, but it is not completely clear if Pension Wise will be up to the task of helping people make the right decision.

The FCA has understood that providers can offer another backstop, if clients feel they are not fully equipped to make the right decision. The move will force pensioners to take responsibility for their choices; whether they will make the right ones is the big unknown.