Three years on from the introduction of pension freedoms, how is the retirement income sector serving consumers? The Financial Conduct Authority (FCA) has launched a new consultation designed to protect consumers, improve engagement and promote competition in the retirement income market. This consultation has been published alongside their final report, part of the FCA’s Retirement Outcomes Review, which is a detailed look at how the sector has been working for consumers since the introduction of pension freedoms in April 2015. The headline findings of the report show that these pension freedoms were welcomed by consumers, but some are at risk of financial harm. It’s this risk of consumer detriment the consultation is seeking to address.