HSBC will refer customers to market research from The Annuity Bureau in a deal directed at providing greater access to the open market option for the bank's customers.
The Bureau will also provide specialist advice, to be used by HSBC’s roughly 2,000 ‘financial planning managers’. Both parties cite ABI predictions the annuities market will hit £18bn by 2012 up from about £7.4bn today as the baby-boomer generation retires. Andrew Kelly, business development manager at The Annuity Bureau, says: "Large organisations such as HSBC have positioned themselves to capitalize on the huge business opportunities in the over-55 marketplace. Where market expertise, bespoke administration systems and processes do not exist internally, it is only natural to outsou...
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