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Annuity standards

The Association of British Insurers says it has toughened up its standards for processing open market annuities by scrapping its 10-day turn-round rule in favour of insurers paying out funds by a selected retirement date.

Hargreaves Lansdown strongly disagrees, suggesting the ABI has abandoned its customer service standards for annuities.

Many of the ABI’s members were failing to reach its old standards and turn-round times look abysmal compared with areas such as unit trust settle-ment where five days is the norm.

It is up to the ABI to do more to prove its members are treating annuity customers fairly.

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