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‘Speed up move to Omo system’

Leading retirement advisers have written an open letter praising the ABI’s open market options’ initiative but urging those who have not gone live to get a move on.

They write: “It can take up to 10 weeks to set up a new annuity policy and as a result many customers lose out. At present, only Aegon, Just Retirement, Legal & General, LV=, Partnership, Prudential, Canada Life and Standard Life are using the system. We urge the other nine firms to step up their efforts to go live as soon as possible, so that the initiative benefits all customers.”

The Retirement Adviser head of retirement planning Nick Flynn believes the remaining providers – Axa, Friends Provident, MetLife, MGM Advantage, Norwich Union, Pearl Group, Scottish Widows, Skandia and Zurich – should be forced to explain why they are yet to go live. He says: “These providers must get on board as soon as possible and real pressure needs to be put on them by authorities higher than the Association of British Insurers and advisers, it needs to come from the FSA.”

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