As the new ABI code of conduct comes into force Stephen Lowe looks at the issues surrounding promoting the open market option.
With new rules in place to encourage more pension savers to shop around for annuities we need to start looking for evidence of success. The Association of British Insurers said it will review the effectiveness of its new Code of Conduct on Retirement Choices next year and separately the Financial Services Authority has also announced its own annuity market probe. Reviewing progress is essential given the chequered history of the open market option (OMO) which coughed into life in 1978 and has still yet to fire on all cylinders. The ABI's new mandatory code covers around three milli...
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