Government bins plans for secondary annuity market

Consumer protections could undermine development

Tom Ellis
clock • 3 min read

The government has decided to scrap its plans to create a market for secondary annuities.

In a statement released this afternoon explaining the U-turn, the government said: "It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections." It went on: "After an extensive programme of engagement with industry, financial regulators and consumer groups, the government has decided not to take forward plans to introduce a secondary annuities market because the consumer protections required could undermine the market's development." Economic secretary to the Treasury Simon Kirby said allowing con...

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