Bringing you live news and features since 2006 

FCA report finds no mis-selling of annuities


Tom McPhail (pictured), Head of Pensions Research at Hargreaves Lansdown, comments on the FCA annuity market study report…

The FCA has not found any evidence of widespread misselling of annuities; there is no smoking gun. In fact they have gone further than that by explicitly endorsing annuities as good value for money, but only if customers shop around on the open market.

They have however established that competition does not work well in the retirement income market. Significant changes need to be made to the way the pensions industry helps its customers to get the best value from their retirement savings.

The communications sent to retiring customers, the wake up packs and the ABI Code of Conduct are not having the desired effect and the FCA has confirmed its intention for a radical rethink. This is welcome news, coming as it does just a few months ahead of the new pension access freedoms. This is a vindication of the campaigning work of the Pensions Income Choice Association and of companies like Hargreaves Lansdown, but the job is not yet done. Improvements to the shopping around system are urgently required – everyday thousands risk being disadvantaged.

Latest News

Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, according..

Related Articles

Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Matteo Greco, Research Analyst at Fineqia International writes that bitcoin (BTC) ended the week at approximately USD52,150, showing a notable...
US Distribution Awards trophies
The winners of the first US ETF Distribution Awards at the Exchange conference, hosted by ETF Express and sponsored by...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by