Pensions: Annuity information 'too confusing'
14 February 2014 Last updated at 10:42 GMT
Buying an annuity is too confusing for most people as "information is not provided in a way that allows people to make simple choices", Martin Wheatley, chief executive of the Financial Conduct Authority, has told the BBC's Today programme.
An annuity is a retirement income that is bought once with a pension pot and provides an income for the rest of the holder's life.
An FCA review found that people who had saved less than £5,000 into a pension pot were particularly poorly served by the industry.
"There should be competition across the entire market, not just for those with the most money," Mr Wheatley said.
First broadcast on BBC Radio 4's Today programme on Friday 14 February.