Member Article

Shame it’s 5 to 6 years too late

Nick Flynn, Divisional Director at LEBC The Retirement Adviser comments on the Financial Conduct Authority’s (FCA) study on annuities:

“The results from the FCA’s latest study on the annuity market are welcome news for consumers but in all reality it remains a shame it’s come 5 to 6 years too late as problems and issues have continuously been highlighted. Pension providers will now be very worried as the consequences for them could be considerable.”

Earlier in the year, Nick had also said “The FCA review into the annuity market needs to shake up and modernise the industry. Too much is currently left to consumer understanding and not enough is simple and clear cut. Terminology is confusing and needs to be simplified. It is no wonder so many people simply accept their existing insurer’s annuity offer and so few shop around.”

This was posted in Bdaily's Members' News section by LEBC Group Ltd .