The Financial Conduct Authority has released guidance for firms advising in the interim period between now and the Budget changes taking effect from April 2015.

The FG14/3 guidance Budget 2014 – Pension reforms: guidance for firms in the interim period said any delay issuing final guidance would be “prejudicial” to the interests of the customers who are making decisions during the interim.

Information covered in the guidance includes rules in light of the Budget announcements on pensions and examples of good practice the Regulator encourages firms to consider.

The FCA said “firms should carefully consider the communications they make to customers throughout the retirement journey and provide them with clear and timely information about the changes to enable them to make informed decisions”.

Furthermore, it said “pension providers and intermediaries should be making changes to their processes to ensure customers are not put at a disadvantage while they are making their retirement income decision”.

Commenting on the guidance, Intelligent Pensions technical director David Trenner said however that the report provides evidence the FCA is “not aware” of the forthcoming changes.

“There is no specific guidance in this paper and perhaps this reflects the FCA’s need to issue something quickly on a subject it didn’t know any more about than you or I,” he said.

“It’s disappointing the Regulator has not mentioned the issue of whether higher levels of income will be sustainable as we see this as a potential area of customer loss.”

The guidance covers the interim period only and will cease to be in force when the new legislation comes into effect in April 2015.

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