FSA review finds some firms still failing annuity customers

The regulator also found that delays occurred in over 60pc of the 238 annuity transfer cases reviewed, caused by a number of reasons and by various parties involved in the transaction. Sarah Wilson, director of TCF at the FSA, said: "The decision on whether to buy an annuity from a current provider or to switch to another insurer on the open market can influence an individual's lifetime income. Poor communications from insurers may result in people making poor decisions or failing to take any action to maximise their retirement income." She added that should a consumer then decide to ...