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FSA consults on OMO for annuities and Teps

The FSA is consulting the industry on proposals to regulate the disclosure of information of the open market option for annuities and endowment policies.

As revealed in Money Marketing, the regulator plans to make it mandatory for policyholders to be informed of the option to purchase an annuity from a provider other than their pension provider.

If the proposals are accepted, it will also compel endowment providers to tell policyholders of the option to sell their policy on the Teps market rather than simply surrender it to the life office.

The deadline for response to the consultation is October 31.

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