Webb wants one-year annuity 'cooling off period'

In an interview with the Sunday Telegraph Steve Webb said the move could be one of many put in place to force greater competition in the market. The Financial Conduct Authority (FCA) labelled the annuity market ‘disorderly' in a thematic review report out last week. It said 80% of retirees who stick with their original pension provider for their annuity purchase can get a better deal elsewhere. Webb told the paper will consider "very seriously" any measures put forward which would increase competition. It said other, more extreme proposals, such as banning people from sticking with...