Annuity transparency drive is 'powerful' step - ABI

Buying a lifetime annuity is one of the biggest financial decisions a client will make in their lifetime, setting their annual retirement income for the rest of their life. Earlier this year the market came under criticism for being opaque and hard to navigate, in response the Association of British Insurers (ABI) came up with its compulsory Code of Conduct on Retirement Choices. Launched in March, the code first of all focused on communication and the sales process. This week, its next flank – a compulsory survey which will detail each provider’s rates every two months to be publishe...