FCA proposes ‘significant reform’ of general insurance market

The FCA is proposing “significant reform” of the general insurance market to enhance competition, ensure consumers will receive fair value, and increase trust in the market. The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to their provider through the same sales channel. …

FCA fines Standard Life Assurance £30m over annuity sales failures

Standard Life has been fined £30.7 million by the Financial Conduct Authority (FCA) over failures in selling non-advised annuities. The regulator took action against Standard Life Assurance, now owned by closed-book pension provider Phoenix, over enhanced annuity sales between July 2008 and May 2016. ‘Standard Life Assurance failed to put in place adequate controls to monitor the quality of the …

FCA proposes new pension freedom rules

The FCA says it expects firms to “challenge themselves on the level of charges they impose on investment pathways” and could consider imposing a cap. The FCA is consulting on new measures to stop consumers losing out on pension income when they access their pension freedoms. The regulator has previously expressed concern about consumers moving into drawdown and holding their …

Abbey Life included in FCA annuity sales review

Phoenix-owned Abbey Life was unable to complete the Financial Conduct Authority’s (FCA) annuity sales review in the same timeframe as other providers, its financial results have shown. Last year the Phoenix bought fellow closed-book provider Abbey Life in a deal worth £935 million. In its company results released today Phoenix said the focus of the integration of Abbey Life has …

Hargreaves Lansdown – Bring back ABI annuity window to avoid ‘misselling scandal’

Tom McPhail – Head of retirement policy at Hargreaves Lansdown has voiced concerns and called for the Association of British Insurers (ABI) to bring back its comparison annuity window, to avoid ‘another misselling scandal’. The investment and advice provider says because of the wide disparity between best and worst annuity rates, all providers should submit their rates to public scrutiny. …

Withdrawals of Pension Pots Drops Down 42%

According to the data from the Financial Conduct Authority (FCA), the total number of customers that took all their pension pot as cash fell 42% during the last quarter of 2015. The Financial Conduct Authority recognized the general fall in access to pensions after a sharp fall following the pension freedoms. The number of individuals who preferred a full withdrawal …