Five things to know about new pension rules

However, following the consultation, the FCA has decided it will not be giving firms a set of questions to ask consumers, but suggested several major health and lifestyle areas that firms may consider asking about.

Firms can ask more detailed questions if they wish.

As the market‑leading comparison provided is not a guaranteed quote, the FCA will remove the wording in the information prompt text that states that the comparison quote is guaranteed.

5) Key facts

All key facts for clients considering drawdown are to be illustrated on one front page of a larger, detailed document.

The FCA wants firms to show charges in cash (pounds and pence) amounts and illustrate what the money in the pot today might buy in the future.

Firms will also be required to illustrate, though case studies, the impact on their pot of regular withdrawals and leaving the money where it is.

Elizabeth Pfeuti is a freelance journalist