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UK: Financial authority questions pension market sales

By  |  February 14, 2014

The UK’s Financial Conduct Authority has reportedly launched an investigation into the lack of retirees switching pension providers and to determine whether there are competition issues in the market.

The FCA announced the probe as well as findings that pensioners could boost income by about $118 a year if they switched providers with more beneficial annuities. The regulator cited a survey of 25 firms.

Around 80 percent of retirees could benefit from switching providers, the FCA said.

The FCA said it is looking to understand whether a lack of competition is to blame for individuals not switching providers.

Full Content: Businessweek

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