As currently drafted, the regulator's proposals on annuity comparisons could actually end up discouraging some people from shopping around - Stephen Lowe explains why
There is so much to like in the latest set of proposals designed to provide comparisons in order encourage retirees to shop around when buying guaranteed income for life. Yet, despite the good intentions, as they stand the plans could still leave consumers worse off and in some cases discourage switching. Consultation paper CP16/37, Implementing information prompts in the annuity market, follows on from the Retirement Income Market Study published two years ago that found competition was not working well and proposed a number of remedies. Among these was a proposal for an annuity comp...
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