sell annuity payment
Mon, 15 Dec 2014 15:04:42 GMT
Insurers wrecked savers' retirements, so they should pay
Based on what the FCA has unearthed regarding their conduct, many insurers weren't fit to sell annuities – or indeed have anything to do with something as precious as pension savings. Rather than resisting change or criticism, insurers should now examine ...
Thu, 11 Dec 2014 15:50:55 GMT
Revealed: the 14 tactics used to rip off pension savers
In one of the most shocking revelations, the head of the business responsible for selling annuities was incentivised to sell annuities with bonuses. His "variable pay" was linked to the number of sales of annuities "to existing customers", the FCA said.
Thu, 11 Dec 2014 12:46:17 GMT
City watchdog backs down over annuity mis-selling
Annuities are the insurance contracts bought with a pension that pay out an income until a pensioner dies. It showed 60% of pensioners were just buying their annuity from their pension provider, despite being able to shop around – known as exercising the ...
Thu, 11 Dec 2014 12:03:40 GMT
Annuity mis-selling scandal: could it be as big as PPI?
These damning figures indicate the scale of the redress that could be payable. The figures could be extrapolated to argue that if, on average, half of savers failed to take their money to another pension provider when buying their annuity, and that of these four ...
Thu, 11 Dec 2014 10:09:02 GMT
Watchdog In Push for Pension Annuity Changes
Key 103 Manchester
Insurance companies will have to follow stricter rules on how they sell annuity penisons to make sure people get the best deal in retirement, according the Financial Conduct Authority. The FCA has published findings from its study into the retirement income ...