The FCA's report into the annuity market will be published within the next 12 months, and may include rule changes and new regulations.
Ros Altmann, an independent expert and former Downing Street adviser, said more action should be taken now to halt the "scandal" that is depriving many of a fair income in their retirement.
The reason why immediate action is so important is that this market affects so many people and the transactions they are making are irreversible.
More than 1,000 people every week are buying annuities and the market is worth £14 billion each year.
More top news
The 42-year-old is said to have been involved in a collision with two other cars while he was driving in West London on Sunday (18th March)
A widespread frost across the UK as temperatures fall below freezing under clear skies.
After a vote tainted by reports of ballot-box stuffing and forced voting, Putin said Russia was ready to 'cooperate' with Britain.