Reforming the retirement income market

Many in the industry expressed disappointment with the Financial Conduct Authority's (FCA)recent thematic review into the annuity market. While the review rightly highlighted a high degree of customer detriment, this was not something that was unknown to the market. As a result, the FCA's decision to begin another review with no action to be taken for at least a year has not gone down well, especially as the FCA review itself admitted that about 420,000 people are annuitising every year.  If eight out of ten are not getting the best deal possible, that adds up to a sizeable number of ...