The Financial Conduct Authority (FCA) has set priorities for the coming year for its joint action with The Pensions Regulator (TPR), including reviewing whether pension schemes are providing sound information to consumers.
The standards for delivering value for money beyond TPR's existing defined contribution (DC) code and guidance will also be developed under their joint action.
In its business plan for 2019-20, published in April, the watchdog said: "Scams and poor pension transfer advice present challenges to consumers, regulators and the sector."
The report revealed there will be more focus on effective data analysis to identify issues in the sector and to try to reduce pension scams and fraudulent activity. There are plans to set up a programme to understand and better identify the specific types of fraud and how they can be stopped, while continuing to raise awareness through the ScamSmart campaign.
Additionally, the watchdog plans to prioritise the supervision of defined benefit (DB) and DC transfer advice and maintain its current action on improving pension transfers.
The FCA also announced it will continue to work closely with the Department for Work and Pensions and the industry working group to deliver good outcomes via the pensions dashboard.
The watchdog will also work closely with other industry bodies including the Money and Pensions Service over the year ahead to ensure positive outcomes for both providers and consumers.
