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Annuity Direct warns on Omo misselling

Annuity Direct has warned that some open market option services are not offering a full whole-of-market annuity service to clients which could lead to misselling .

The retirement specialist says some providers and advisers are restricting the number of product providers they use and will pass it off as a whole-of-market service and will only offer one or two enhanced providers and one normal-rate provider.

Annuity Direct says this will mean the client may not get the best rate and to restrict the choice to just one or two makes the possibility of getting the best rate nothing more than a lottery.

The firm is also calling on the FSA to make it clear that its rules on pension switching apply to the exercising of the open market option.

Chief executive Bob Bullivant says: “Conversion of a pension fund is probably the largest transaction that a client will make besides a house purchase. It needs careful analysis of the existing arrangements and then a full whole-of-market service to include products other than annuities.

“Last month, Annuity Direct clients on average obtained an increase of more than 15 per cent per year on that offered by their ceding provider. Nothing short of a full service can produce this result. These services are dangerous and could lead to yet another misselling scandal.”



Make sense of responsibility

It can hardly be disputed that a compensation culture exists in the financial services sector and consumers are currently expected to take little responsibility for their financial decisions, even where they have acted unreasonably.

Discretionary move studied

RSM Bentley Jennison Finan- cial Management is looking at launching a discretionary fund management arm.

House prices dip 0.5%

UK house prices fell by 0.5 per cent in June according to the latest Halifax house price index.


Marketing message

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Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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