Sanlam Private Wealth has launched a dedicated retirement income service for clients navigating the post-pensions freedom market.
Annuity providers need to make significant improvements to the quality of their written and telephone communications if customer outcomes are to be improved, according to the Financial Conduct Authority's (FCA) review of the sector.
Mutual LV= has reported strong annuity sales for the second quarter of the year despite the sweeping changes to retirement income announced in the 2014 Budget.
Annuities will continue to be a substantial part of the at-retirement market in ten years' time, albeit with a smaller market share, research by Towers Watson suggests.
Firms providing comparison websites for annuities should include details of the types of guarantees available and identify providers if they operate a restricted panel, the Financial Conduct Authority (FCA) has said in updated guidance.
Legal & General, one of the country's largest annuity providers, has said it expects to see revenues from annuity products fall by three quarters by the end of 2015 following a sweeping reform of the sector.
Hargreaves Lansdown's chief executive Ian Gorham has said the reform of the rules around annuities in the 2014 Budget is long overdue, and could well spell the end for standard annuity products.
Yesterday's Budget effectively removed the requirement to ever purchase an annuity, causing shares in listed providers to drop over 50%, but is there value in the sector after such a monumental sell-off?
The Financial Conduct Authority (FCA) has discovered poor practice on all annuity price comparison websites, with 12 out of 13 found to have breached TCF rules.
Around 12,000 pensioners who hold annuities with Legal & General have been left without their regular payouts after a technical blunder.
Legal & General (L&G) is anticipating a drop-off in sales through financial advisers over the coming months and into early 2013 as firms concentrate on developing their business models for retail distribution review (RDR) implementation.