The request for data includes a questionnaire seeking from providers information on exit charges; transfer procedures; treatment of insistent clients; financial advice requirements; and the options they offer consumers seeking access to their pots.
It said the information it collects will inform HM Treasury’s work looking into the barriers savers face when looking to access their retirement savings.
Last month, the government announced it would examine whether savers looking to take advantage of the pension freedoms introduced in April face excessive early exit charges.
The announcement was a result of City minister Harriett Baldwin writing to FCA chief executive Martin Wheatley urging him to take action on the implementation of freedom and choice.
A consultation set to be published later this month will look into whether high exit fees are being charged to individuals seeking to access their pots “and if so options to deal with them”, the Chancellor George Osborne announced on 17 June.
The FCA CEO letter published on 1 July pointed out many firms had shared large amounts of data with the regulator already.
The regulator has published an update into how firms are coping with the pension freedoms introduced in April.
The widespread changes, first announced at Budget 2014, have given savers aged 55 and over with defined contribution pension savings unprecedented access to their pots.
But concerns have been raised over providers’ readiness for the reforms, with some savers reporting they are not being granted access to money they believed they could withdraw.
The FCA has previously announced it is in the process of reviewing pension rules in light of the reforms. It said it would consult on any necessary changes later in the year.
The update said: “This will include reviewing our retirement risk warnings and incorporating elements of the Association of British Insurer’s code of conduct on retirement choices into our rules.”
