Annuity reformer calls for greater OMO awareness

One of the leading voices in the debate on annuity reform has called on the financial services industry to encourage use of the open market option among retiring investors to shop around when purchasing an annuity. Stuart Bayliss, managing director of Annuity Direct said investors are not getting value for money when they retire and buy an annuity because few investors know they can switch to a different product provider to buy their annuity. Bayliss believes consumers ought to be better informed about the options available to them upon retirement. He said: "Less than 25% of those ret...