The Financial Conduct Authority (FCA) is set to probe pension providers after
its review into the annuity market found that 80% of consumers
could secure a more generous retirement income by shopping around. The regulator
has found that up to 150,000 consumers every year could benefit
from shopping around by as much as an extra £1,500.
The regulator launched a thematic review into the annuity markets in January
2013 with the aim of discovering the extent to which consumers miss out by not
shopping around. It found that 60% of consumers bought an
annuity from their pension scheme provider and said that all annuities sold to
existing customers were expected to be more profitable than those sold on the
open market option.
The FCA will now use its new competition powers to launch a market review to
look into the conduct of pension providers, consumer behaviour and the structure
of the retirement income market.
It will also look specifically at the role of providers’ role in shaping
consumers’ decision making.
By contacting Ward Williams Financial Services on 01932 830664, you could access the pension
you deserve. Visit us at www.wardwilliamsfs.co.uk for more information.
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