FSA highlights failings on annuity literature

The FSA has found a number of annuity providers' product literature fails to meet minimum standards.

A recent review by the regulator also found delays in over 60% of annuity transfer cases, which were put down to complexity of process and confusion caused by the diversity of forms used to complete transfers. The FSA said it would be working with the ABI and the wider industry to reform the overall annuity transfer process, hoping to achieve standardisation and rationalisation of the systems and documents involved in the transfer process. Of the review of 55 annuity providers, the FSA found more than 60% provided clear information to pension customers approaching retirement age, incl...