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Lee Jones
New Saga chief Altmann pledges to shake up Omo
Incoming Saga director general Ros Altmann has vowed to shake up the open market option for the company’s 2.7 million customers.
Altmann, who will take up the newly created role at Saga next week, wants to use her position to promote Omo through education and says she will make sure Saga’s annuity service “has the chance to do the right thing” when selling its products.
She says: “Omo is an area I really want to shake up because it is a bit of a joke. We can make a difference and say we will not sell someone an annuity unless they definitely understood the questions they have to ask.”
Altmann, who was a Number 10 policy adviser for Tony Blair, says she will put financial planning at the centre of her plans to help the over-50s.
She says: “At pre-retirement, people are desperate to look for a trusted source who can help them understand what to do with their money.
The biggest issue for the 50-65 age group is the need for financial planning and financial education.”
Altmann says she hopes to use Saga’s services as vehicles to help push financial education, including its magazine that is read by two million people. She says Saga may use simplified advice services in the future to help members.
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