Product providers have launched a fresh attack on the FSA, claiming the regulator’s Money Made Clear annuity tables are even more misleading now that Aegon and Canada Life have entered the postcode annuity market.
Aviva, Prudential and Legal & General slammed the FSA more than a year ago because its tables, powered by Defaqto, did not include postcode annuity rates. The FSA has failed to make the information more accurate despite Aegon and Canada Life launching postcode pricing.
The table includes standard rates for L&G and Canada Life, rather than postcode rates, while for Aegon, Aviva and Prudential there is only a phone number and no rate provided. The companies say the website is now even more misleading for the public. Aviva head of annuity arketing Darren Dicks says: “You still cannot get a proper quote on the FSA’s website. This time last year, we were calling on the FSA to act but nothing has happened. They are still misleading customers.”
’This is the first place consumers look for information on annuities and many could be missing out on a better rate’
Legal & General head of annuities Tim Gosden says: “A huge proportion of the conventional annuity market now offers postcode pricing.
“The FSA needs to make the tables accurate because this is the first place that consumers look for information on annuities and many could be missing out on a better rate.”
The FSA says it should have a new system operating by the end of the year.