Regulators scramble to protect pensions

Financial regulators have told pension providers they will have to adopt new procedures and rules to protect people at retirement from making the wrong decisions. From April, anyone aged over 55 can start to draw from their pension fund, and already there is widespread evidence of fraudsters targeting people approaching retirement.

For most people, advice will be essential to avoid paying too much tax or forfeiting valuable benefits. But only firms regulated by the Financial Conduct Authority can offer this advice.