The Financial Conduct Authority has ruled out introducing new regulations to drive improvements in the pensions consumer journey.

In a feedback statement published today (7 June) with the Pensions Regulator (TPR), the FCA said more can be done to support consumers within the current regulatory framework.

The statement was published in response to a call for input (CFI) on what can be done to help engage consumers to make “informed decisions that lead to better pension saving outcomes”.

“As respondents’ submissions show, this is a complex and broad area,” the regulators said. “Solutions to the problems identified are not straightforward, nor do they lie with one organisation.”

The CFI received 49 responses from a range of stakeholders.

Several themes consistently emerged, which indicates consensus on the key issues and what more can be done.

For example, most respondents agreed that the stages of the consumer journey set out in the CFI provided a “broad basis for engaging the consumer”.

But they said the journey was “highly personalised and non-linear” with consumer decisions and touchpoints mainly shaped by people’s life events, such as changing jobs or buying a house.

They said this personalised journey meant savers need tailored support throughout their lifetime.

Different types of organisations across the pensions industry said that, given the low levels of consumer financial literacy, there remains “real difficulty in communicating about pensions”.

TPR executive director of regulatory policy, analysis and advice David Fairs said: “The changing nature of work and retirement means there can’t be a one-size fits all approach to delivering good engagement with pensions and we look forward to working with industry on innovations that help deliver communications that work for all savers.

“As government, regulators and industry we should be clear on the outcomes we want to achieve and work towards enhancing and protecting all savers’ pensions.

“Respondents’ feedback confirmed the need for us to be explicit in our goals and reinforced the importance of driving value for money across the pensions saving journey. We will use these insights to guide our future work and help consumers make the most of their retirement savings.”