Stakeholder pensions, introduced in 2001, were designed to appeal to consumers who previously considered pensions difficult to understand, expensive and inconvenient to buy.
But sales of the products dropped in recent years, perhaps partly due to the government's pension freedom reforms and the emergence of cheaper forms of streamlined personal pensions.
Despite this the FCA pointed to research from 2016 stating there were more than 14 million individual and stakeholder pensions in the market - with an average policy value of £22,000 - while about 1.7 million Sipps were in force.
Mr Cameron suggested many of those could be legacy products.
Fiona Tait, technical director at Intelligent Pensions, spoke in a similar vein.
She said: "The FCA said they have concerns whether stakeholder pensions is still relevant.
"The rule, where you have to consider stakeholder pensions doesn't seem to be particularly relevant now.
"We now have a Sipp market developing in two areas, bespoke and streamlined. They will find stakeholder pensions reducing and Sipp sales increasing."
But Vince Smith-Hughes, a retirement income expert at Prudential, said there was scope to modernise the products.
He said: "I would review stakeholder pensions because the markets have moved on [but] some may still be suitable. They are still reasonably priced.
"They could remove the restrictions so they could be opened up to other investments. That might be a way of stopping customers transferring their assets [out of the products]."
carmen.reichman@ft.com
