FSA Annuity Warning
Published / Last Updated on 16/08/2008
FSA Annuity Warning
The FSA is preparing to crackdown on insurers for their jargon-filled and unclear letters on the open market option. They are drawing up plans for a showdown following widespread disquiet over the reluctance of many providers to give pensioners clear information when buying an annuity. The FSA have given the industry until December to rectify this or face a crackdown.
We have concerns as the regulator had the very same meetings in 2002 and had failed to tackle the issues then. This is such a serious issue and the default option should be the open market option. People can buy the wrong annuity with no regulatory challenge and these are the very clients and financial products which should be protected.
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