Even the Baby Boomers who are on the cusp of retirement or already retired can still make money decisions and changes that will have a positive impact on their retirement income and financial future.

FORBES: 5 Smart and Sensible Money Tips for Baby Boomers

It said that these changes had the potential to have a positive impact on competition and therefore it had decided not to refer the industry to the Competition Commission.

BBC: Bank accounts: OFT says significant change needed