View more on these topics

Fsa annuity tables are failing the public

Product providers and advisers have slammed FSA comparative annuity tables, saying they are inaccurate and irrelevant to most consumers and must be updated.

Speaking at Money Marketing’s annuity round table, Norwich Union head of annuity propositions Darren Dicks said that the regulator’s tables are not clear and do not give customers a fair reflection of the annuity rates that they can get.

Dicks said: “Legal & General, Norwich Union and Prudential’s rates are not up there. There is just a phone number. The FSA says we have to publish our worst rates.

“So if a consumer goes on to the FSA table, they will see the worst rate and that is not informing customers properly.

Therefore, we have put our telephone number down instead.”
Prudential director of annuities Karin Brown said it is becoming increasingly difficult for consumers to go to the FSA website and pick out an annuity rate that is right for them because there is an increased use of variables such as postcode and health.

Brown said: “The tables are supposed to be about offering more money to people than you can afford to. Actually, this is making it harder for customers to get the right price for them.”

William Burrows Annuities director Billy Burrows says: “The easy answer is to have one website where you can put in your postcode data and other variables and it will come up with all the rates. We are moving to a position now where we cannot rely on the tables. Also, a lot of the rates are totally inaccurate. How can we go and tell the FSA its tables are a load of cobblers?”

Annuity Direct director Stuart Bayliss says: “The FSA does not understand what it is doing. Our tables are more accurate than the regulator’s.”


SimplyBiz plans cap-ad fund

SimplyBiz is creating a multi-million-pound fund to help member firms meet the FSA’s proposed new capital adequacy requirements.

Paul Feeney

Moving into the financial services industry in October 1987 was something of a baptism of fire for Paul Feeney. He says the first two weeks at NatWest were wonderful, then the stockmarket crash put everything in perspective. Today, as head of international distribution at BNY Mellon Asset Management, he can look back on two crashes […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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 advice.

    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