Treasury launches EU gender directive consultation
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The Government has launched a consultation outlining how the European Court of Justice’s decision to ban gender pricing in insurance contract will affect the UK.
The Government reiterates its view that the judgment, which will take effect from December 21, 2012, will not apply to existing contracts before that date.
It is now seeking feedback on the impact the ruling will have on consumers and the industry and how it will be drafted into UK law.
Treasury financial secretary Mark Hoban says: “While nobody should ever be treated unfairly because of their gender, financial services providers should be allowed to make sensible decisions based on sound analysis of risk.
“We continue to work hard with other member states and the commission to secure legal certainty for industry and reduce any detrimental effects for consumers.”
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Readers' comments (1)
Julian Stevens | 11 Dec 2011 8:31 pm
The obvious consequence will be that annuity rates for men will worsen still further, whilst those for women (by far the minority of annuity buyers) may improve just slightly.
Meanwhile, the government remains resolutely deaf to calls for the removal of the shackle of annuity rates on all pension income options. Why?
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