whatsapp FCA tells annuity providers to “play their part” in helping consumers find the right retirement product Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsAdvertisement This game will keep you up all night!Hero WarsUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementUndoFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorUndoLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance WealthUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoLiver Health1 Bite Of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthUndo The Financial Conduct Authority has told annuity providers to buck their ideas up after its review of the market found that competition was “not working as well as it could for consumers”.  People are likely to miss out on better levels of income because they do not shop around enough, the report said, with many not “fully aware of their right to switch” to a different provider.  “The government’s reforms [announced in this year’s Budget] increase the at-retirement choices facing consumers, so it is vital that consumers are properly supported in making their decisions,” the FCA added.  Christopher Woolard, director of policy, risk and research at the FCA, said “now firms need to play their part”.  “We want to see firms improving the way they communicate with their customers,” he added. “In order for the pension reforms to work and for people to have trust and confidence in the products they are buying firms need to act now.” The FCA’s has set out four main recommendations:Requiring firms to make it clear to consumers how their quote compares relative to other providers on the open market.The introduction of a behaviourally trialled alternative to the current system of wake-up packs. This would build on work already underway and feed into our work considering how we will replace the ABI Code with FCA regulation.Recommending that the pension guidance service and firms take account of the findings of the market study on consumer behaviour when designing tools to support decision-making.In the longer term, recommending the development of a ‘Pensions Dashboard’ which would allow consumers to view all their lifetime pension savings in one place.The FCA is seeking views on its initial findings and will consult at a later date if any potential rule changes are needed.A further view of the industry’s sales practices said they were “contributing to consumers not shopping around and switching”, adding that “significant” improvements were needed. The way enhanced annuities were sold was particularly slammed, with the FCA claiming customers “are often not informed of shopping around or encouraged to do so to get a higher income” or alternative products.  The FCA is asking the majority of firms involved in the review to do further work under FCA supervision.  This work is to determine if the findings in relation to enhanced annuities are indicative of a more widespread problem. Lastly, the FCA also found examples where the ABI Code was not being followed, and the watchdog is now considering whether to replace this code with a more wide-reaching one that extends beyond ABI members.  Hargreaves Lansdown’s head of pensions research Tom McPhail said the review showed there was “no smoking gun” when it came to widespread misselling.  But he welcomed plans for he dubbed a “radical rethink” of the code.  “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,” McPhail said. “Improvements to the shopping around system are urgently required – everyday thousands risk being disadvantaged.” Catherine Neilan Share whatsapp More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Show Comments ▼ Thursday 11 December 2014 4:26 am Tags: FCA read more