The chairman of the DWP-led Omo working group has been forced to step down due to concerns about the slow progress of negotiations.
Money Marketing understands that the Government-appointed civil servant who previously chaired the group has been replaced after members voiced concerns about a lack of urgency in bringing forward reform proposals.
It is understood that letters were sent to Treasury financial secretary Mark Hoban and pensions minister Steve Webb outlining unease over the talks. Stakeholders are due to meet with the new chairman in the coming weeks.
Hargreaves Lansdown head of pensions research and Pension Income Choice Association chairman Tom McPhail says: “It is inevitable there will be some conflict when so many different parties are involved in trying to find a solution.”
The Treasury will outline potential reforms in the autumn.
This week, the ABI announced plans for a compulsory code of conduct forcing providers to remove annuity application forms from customer communications.
It has refused to go further by telling providers to also remove annuity quotes.