Treasury issues OMO ultimatum to insurers

A well placed source claimed government officials had told the ABI – whose membership includes a large number of annuity providers – to provide “compelling evidence” as to why the OMO shouldn’t become the default option for savers. Hargreaves Lansdown's Tom McPhail, chairman of the Pension Income Choice Association, said the Treasury had been “very receptive” to the organisation’s ideas on the OMO. He said: “Clearly nothing’s set in stone, but the tone of the communication I’ve heard from within the ABI suggests that all the relevant ministers and the Treasury officials have bought ou...