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.
Customers with drawdown pensions at Standard Life have amassed £10bn in assets under administration, suggesting the schemes are becoming a serious alternative to annuities.
Hargreaves Lansdown has detailed a five point action plan to reform the retirement planning sector following the widespread criticism of the annuity market by the Financial Services Consumer Panel this week.
The Financial Services Consumer Panel has called for urgent change in the "non-advice" annuity market which it says "does not work well for the majority of consumers."
Many current pensions will fail to reach their target, leaving pensionholders at the mercy of the annuity markets and stranded with inadequate pensions, warns a new report.
The Financial Conduct Authority has said it may launch a probe into annuities following its 'market study' into the £1 trillion UK cash savings market announced today which will look at whether consumers are getting a good deal.
MGM Advantage, the retirement income specialist, has analysed the number of customers who shop around among financial advisers looking to compare annuity rates.
Pensions company London and Colonial has expanded its range with the launch of a new multi-platform Sipp and multi-platform open annuity.
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