Mark Greenwood considers the implications of the FCA's requirement annuity providers inform consumers how much they could gain from shopping around, in a standardised format, before they buy an annuity
Following the Retirement Income Market Study in 2015, where it was identified the annuity market was not working well for consumers, a number of remedies were suggested. These included providing information prompts to help consumers in shopping around and the decision-making process. The Financial Conduct Authority (FCA) commissioned consumer behavioural research to test various formats and the results were published in July 2016. This was followed by a consultation (CP16/37) in November last year. Policy statement PS17/12 contains the final rules. These will require annuity providers...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes