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| Version 0 | Version 1 |
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| FCA criticises annuity providers | FCA criticises annuity providers |
| (35 minutes later) | |
| Competition in the pensions industry is not working well enough for consumers, City watchdog the Financial Conduct Authority (FCA) has said. | Competition in the pensions industry is not working well enough for consumers, City watchdog the Financial Conduct Authority (FCA) has said. |
| Its review of the pensions market found most consumers were missing out on a higher income from their annuity because they did not shop around. | Its review of the pensions market found most consumers were missing out on a higher income from their annuity because they did not shop around. |
| It said many consumers were not "fully aware of their right to switch" to a different pension income provider. | It said many consumers were not "fully aware of their right to switch" to a different pension income provider. |
| Consumers were also not encouraged to shop around for alternatives. | Consumers were also not encouraged to shop around for alternatives. |
| The FCA launched an investigation into annuity providers in February, | |
| The FCA said insurance companies would have to follow stricter rules on how they sold annuity pensions to ensure people were getting the best deal for their retirement income. | |
| It has made several recommendations, including requiring insurers to make it clear to customers how their quote compares with those from rivals. | |
| The FCA is seeking views on its initial findings and will consult at a later date if any potential rule changes are needed. |