Legal & General has signed a deal with Origen that will see the advice firm provide annuity and drawdown advice to L&G’s tied clients.
Origen replaces The Annuity Bureau, which has provided the service since 2003.
It was selected after a tender process when L&G’s link-up with The Annuity Bureau came up for review.
Origen head of annuities Nick Flynn says the deal was struck with treating customers fairly principles in mind as it will give L&G clients easy access to the open market option.
He believes that other annuity providers and firms that have struck deals with annuity providers are failing to emphasise the open market option strongly enough.
Flynn says: “If leading annuity providers such as L&G can do this, why can’t numbers five, six and seven, etc, do it? Under TCF, they will have to take the Omo more seriously rather than burying it in the small print. I think if this deal is successful, others will follow.”
L&G head of annuity product development Tim Gosden says: “We selected Origen after asking a small number of annuity IFAs to tender.”