FCA: Providers should disclose how annuity quotes compare with peers'

The FCA has proposed a 'Pensions Dashboard', and said product providers should be obliged to reveal how their annuity quotes compare with competitors' following its study of the retirement income market.

The FCA said this morning in its retirement market income study that it is proposing to "require firms to make it clear to consumers how their quote compares relative to other providers operating on the open market". The regulator said the information could be provided using the Money Advice Service's own comparison website to generate a variety of relevant quotes. It has also proposed a ‘Pensions Dashboard' that would allow consumers to view all their lifetime pension savings in one place in its long-awaited review. Additionally, it is proposing the introduction of what it called ...