Annuities

AUM of £332bn

The Financial Conduct Authority (FCA) is investigating thousands of annuities sold since 2008 to see if they were unsuitable for savers.

The government has delayed the launch of a secondary annuity market amid concerns about consumer protection, it has said in its Budget document out today.

Annuities have become the new focus for complaints according to figures from the Financial Ombudsman Service (FOS), a year after the product was publicly abandoned by the Chancellor.

Insurer Zurich is to pass its £1.2bn legacy annuities business covering 28,000 clients to specialist Rothesay Life.

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Retirement Planner, a sister title of Investment Week, has launched a new website dedicated to keeping advisers up to speed with the latest pension changes.

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The Financial Conduct Authority (FCA) has made it a requirement for firms to rank their annuity products against their peers and simplify the information they give to consumers in the form of wake-up packs.

The government is considering making regulated financial advice a requirement for people looking to sell their annuity contracts, Budget documents reveal.