FCA seeks data on charges for cashing in pension pots

LONDON (Reuters) - Britain's financial regulator said on Wednesday it has asked pension companies to spell out how much they charge people to cash in their pension pots. MPs are concerned that people are at risk of being ripped off if they decide to take out their pension money. "This data collection exercise will help us establish whether there is a significant variation between firms for similar products and services, and the extent to which the charges that consumers face may be complex and difficult to understand," the Financial Conduct Authority (FCA) said in a statement. "We will also analyse whether higher charges are concentrated among particular pension pot sizes." The FCA also said the launch of its market review into "retirement outcomes" has been delayed by three months until the second quarter of 2016. (Reporting by Huw Jones, editing by Carolyn Cohn)