Annuities

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.

Consumer research undertaken by the Financial Conduct Authority (FCA) found 40% of consumers do not exercise their option to switch and instead purchase an annuity from their existing pension provider. The regulator found six key reasons why.

The Financial Conduct Authority (FCA) is asking annuity providers to look into their non-advised sales going back to 2008 to see if consumers missed out on higher income by buying the wrong type of annuity.

The FCA has proposed a 'Pensions Dashboard', and said product providers should be obliged to reveal how their annuity quotes compare with competitors' following its study of the retirement income market.

Pensions freedom: Opportunities come with pitfalls

Complaints to the Financial Ombudsman Service (FOS) about annuities and income drawdown products have accelerated since the March Budget, new figures have shown.

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.

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.

Dame Anne Begg has criticised the government for launching a major overhaul of the pension system without considering the long-term effect.

Royal London Asset Management (RLAM) saw strong flows into its funds during Q1, with income and bond products in particular attracting investor interest.