The Financial Services Authority's (FSA's) thematic review into the annuity market needs to go much further than its current remit to reflect the development the market, a provider has said.
The FSA unveiled its two phase annuity market thematic review earlier today. It consists of a pricing survey of all providers, looking to estimate the size of consumer detriment in the overall market. Then, depending on the outcome of stage one, firm-specific assessments looking at what exactly restricts shopping around. MGM Advantage pensions technical director Andrew Tully (pictured) said: "The FSA has missed a trick by focussing on rate, we would like the review to go much further. Looking at rates ignores the fact that the best consumer outcomes require customers finding the right...
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