Annuity providers need to make significant improvements to the quality of their written and telephone communications if customer outcomes are to be improved, according to the Financial Conduct Authority's (FCA) Thematic Review.
According to the review published this morning one in five of those who purchase an annuity with their existing pension provider are unaware that they have the option to switch provider. Others are deterred from engaging with their options by the length and complexity of the information contained within the wake-up packs sent out by providers, or because they do not believe that the sums involved make it worthwhile. According to the review "messages are not always consistent, even within an individual firm or throughout the entire customer journey. For example, we saw good practice in...
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