Consumers to blame for poor OMO take-up

Its comments come in response to Treasury demands for ABI members to explain the low uptake of the OMO by consumers. "Treasury secretary, Mark Hoban, clearly has the pension companies in his sights but the truth is they are often not at fault," says Gemma Goodman of the Annuity Bureau. "It must be remembered that consumer apathy and fear of making financial decisions in areas that are new to people, are by far the biggest reasons for the lack of OMOs in the UK. "Compulsory OMOs will cure this and the Annuity Bureau is ready to work alongside the product providers to help them to ma...