Fewer pensioners are seeking help from advisers before taking their whole pot, latest FCA figures show.
For both full-cash withdrawals and annuities, the proportion sold with advice has fallen to its lowest level since the quarter after the pension freedoms.
The FCA published its latest data into trends in the retirement income market this morning, showing the majority of people who opted for both annuities and full cash withdrawals, did not seek regulated advice.
The propotion full cash withdrawals that were advised fell from 38 per cent to 25 per cent.
Only 28 per cent of annuities sold between October 2017 and March 2018 were advised, down from 34 per cent the previous year.
However, the proportion of savers opting for guidance, such as through the government-backed guidance service Pension Wise, on their annuities increased from 17 per cent to 30 per cent.
Most people entering drawdown for the first time did opt for advice, with around two-thirds using a regulated planner.
The regulator says it is particularly interested in monitoring non-advised drawdown sales to assess potential risks to consumers.