View more on these topics

Aviva presses for Omo to become the default

Aviva is preparing to step up the pressure on the Government to make shopping around for an annuity at retirement the default option for investors.

In its Rethinking Retirement report, published in June, the company called for a series of reforms designed to increase the number of people who shop around at retirement but the report stopped short of calling for legislative changes.

Speaking to Money Marketing last week, Aviva UK Life chief executive David Barral said: “Customers are losing millions by not shopping around for an annuity.

The number of people who are shopping around is increasing but we do not think it is anywhere near where it needs to be. I am seeing Mark Hoban in the next two or three weeks to discuss this issue specifically.

“We are going to push for the open market option to be the default for investors. I would rather have seen the industry sort this out but it has not.”

The Association of British Insurers has resisted calls to support making the Omo the default, instead preferring to focus on improving the information provided by insurers to customers. It launched a best practice guide for providers in January.

The Department for Work and Pensions-led Omo stakeholder group, appointed by the Treasury, is currently assessing the practical steps required to make the Omo the default option at retirement and will report back to the Treasury later this year.



Prudential adds its voice to calls for an RDR delay

Prudential has joined Zurich in warning that the current retail distribution review deadlines should be delayed due to the continued lack of clarity over the new rules. Prudential UK chief executive Rob Devey (pictured) points to last week’s decision by the FSA to push back its final rules on platform fees and cash rebates, the […]

FTSE 100 closes at lowest level in over a year

The FTSE 100 has closed at its lowest level in over 12 months in the aftermath of the decision by Standard & Poor’s to downgrade the US credit rating. The blue-chip index closed at 5068.95, a fall of 3.39 per cent. European markets also fell with the German Dax down over 5 per cent and […]


Ford bid to stop Lifemark sales rejected

A Luxemburg court has refused an application brought by Keydata founder Stewart Ford which aimed to prevent the sale of Lifemark policies that were acquired through the family trust vehicle Billericay Trading. In June 2009, Billericay provided a £10.5m loan to Lifemark which was used to buy 28 life insurance policies. Lifemark and its provis-ional […]

Broker banned and fined £106k

A mortgage broker has been banned and fined £106,499 for inflating incomes and falsifying employment details on mortgage applications. The fine against Gillingham broker Michael Lewis, trading as Lewis Partnership, is made up of a £100,000 punitive element and a disgorgement of commission and fees of £6,499. The FSA found that Lewis knowingly submitted mortgage […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm