The last week has been one of major upheaval in the world of pensions, after George Osborne's latest Budget removed the requirement to buy an annuity, and the FCA then said it was preparing to probe closed life books. But which shares within the sector have suffered the most?
Last Wednesday the Budget sparked a rout for insurers after the Chancellor moved to shake up the retirement market, saying no-one should be forced to to buy an annuity. Along with some sweeping changes to savings products, including an ISA overhaul, the Budget also impacted gaming stocks after Osborne increased the tax owed to the Treasury from fixed odds gaming machines. Today there was more pain for inurers as it emerged the Financial Conduct Authority (FCA) is to review 30 million legacy insurance policies sold between the 1970s and 2000 to check whether their terms and conditions ...
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