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Sales of annuities fell by 16% last year, newly released figures from the Association of British Insurers have shown.

Owners of small and medium sized businesses worried about heavy fines for missing auto-enrolment deadlines have been reassured they still have enough time.

Nearly three quarters of those looking for an annuity lack the confidence to arrange one without the help of an adviser, research shows, as a major review of the sector moves into its next phase.

The Government has a role to play in fixing the failing annuities market, the Financial Services Consumer Panel says, following a damning FCA report published today.

The FCA's review of annuities fails to go far enough and will be too slow to help thousands of retirees, a pensions director says.

The FCA is to launch a competition market study after concluding that the annuities market is failing consumers.

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