A second line of defence to strengthen consumers' positions when making use of the new pension rules will come too late for many retirees, a retirement advice firm has warned.
Plans to introduce additional protection to pension holders were outlined by the FCA in a letter to chief executives of providers earlier this week.
It comes ahead of the reforms taking effect in April.
There had been calls in Parliament and within the industry for another layer of defence.
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Providers will be required to give relevant risk warnings, such as warning of the tax implications of their decisions, in response to answers from consumers.
Firms must also further highlight the availability of the Government's new Pension Wise scheme or regulated advice.
Retirement advisers Intelligent Pensions said, however, that there were flaws with the proposals.
Andrew Pennie, marketing director of Intelligent Pensions, said while the second defence was welcome his company has reservations about the timing of these messages and warnings.
He said: "Like the guidance guarantee, the second line of defence will come too late for many retirees.
"It is estimated that only 40% of retirees will buy an annuity post-April yet 90% of DC members are invested in default funds which are predicated on buying an annuity at retirement.
"Who is helping the future retirees make better choices in the important years approaching retirement?
"We know wake-up packs don't work and standardised approaches to DC decumulation are no longer appropriate.
"Everybody's retirement will be different and we need fresh thinking and a more personalised approach to decumulation if we are too see the desired overall improvement in retirement outcomes."
Intelligent Pensions has recently launched its own service to help employees understand their pension options called Pathways.
The FCA said firms will be required to deliver the messages in "a direct and simple language which will be set out when the new rules are published".
The rules will be introduced on a temporary basis from 6 April without consultation.

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