Annuity transparency drive is 'powerful' step - ABI

ANNUITIES

Jenna Towler
clock

The ABI is to publish its members' annuity rates online every two months to help consumers see the difference shopping around can make to their retirement income. Jenna Towler reports…

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

What next for the income drawdown 'class of 2015'?

What next for the income drawdown 'class of 2015'?

‘Advisers know that retirement planning does not stop at retirement’

Stephen Lowe
clock 28 March 2024 • 5 min read
Retirement income advice: FCA finds 'mixed picture' among case files

Retirement income advice: FCA finds 'mixed picture' among case files

Regulator published outcome of thematic review into retirement income advice

Jenna Brown
clock 20 March 2024 • 5 min read
FCA tells IFAs to review retirement income advice processes

FCA tells IFAs to review retirement income advice processes

Comes after regulator’s thematic review of retirement income advice

Jenna Brown
clock 20 March 2024 • 2 min read