FSA annuity tables update by 2011
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The Money Made Clear annuity tables are finally set for an overhaul after the FSA passed responsibility for them to the Consumer Financial Education Body in April.
Providers have been attacking the FSA annuity quotation tables, powered by Defaqto, for almost two years, claiming they are misleading customers because they do not include postcode annuity rates, which are now offered by all major ann-uity players.
But the CFEB has confirmed that the tables will be updated by early 2011 to include postcode annuities and will use real time annuity data from The Exchange.
Informed Choice chief executive Nick Bamford says: “Advisers need to ensure that they are accurate and timely with flows of information and so should everybody else. Money Made Clear has been misleading the public because it was incomplete and not up to date and I am glad something is being done about it.”
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