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<blockquote data-quote="Dennis" data-source="post: 18602" data-attributes="member: 1338"><p>Just for information, the Financial Services Authority (FSA) on Friday 1st August published their findings on their investigations over the open market option (OMO) and how pensions companies try to cheat their customers out of getting a better annuity. This is an extract from a summary of the FSA report:</p><p></p><p>"Almost 40% of firms failed to meet the minimum requirements set by the FSA. These include not explaining what the OMO is or that it can lead to a higher pension income. Very few firms mentioned the advantages of shopping around for customers with health problems that could lead to an enhanced or impaired annuity.</p><p></p><p>Issues with prominence of the OMO information in 'wake up' letters was also indentified, where in some cases it was hardly mentioned or left until late in the letter.</p><p></p><p>Some companies claimed in their literature that there is no such thing as ‘the best rate’ mixing up the best type of annuity with the best rate.</p><p></p><p>In terms of transferring funds, delays had occurred in over 60% of annuity transfer cases reviewed. The complexity of the process and confusion caused by the diversity of forms used to complete transfers were identified as key reasons for delays. </p><p></p><p>The FSA made individual recommendations to those firms and work on these issues needs to be completed by December 2008."</p><p></p><p>Well done to the FSA for reinforcing what I have been telling you. It's now official, but remember you heard it here first!!</p></blockquote><p></p>
[QUOTE="Dennis, post: 18602, member: 1338"] Just for information, the Financial Services Authority (FSA) on Friday 1st August published their findings on their investigations over the open market option (OMO) and how pensions companies try to cheat their customers out of getting a better annuity. This is an extract from a summary of the FSA report: "Almost 40% of firms failed to meet the minimum requirements set by the FSA. These include not explaining what the OMO is or that it can lead to a higher pension income. Very few firms mentioned the advantages of shopping around for customers with health problems that could lead to an enhanced or impaired annuity. Issues with prominence of the OMO information in 'wake up' letters was also indentified, where in some cases it was hardly mentioned or left until late in the letter. Some companies claimed in their literature that there is no such thing as ‘the best rate’ mixing up the best type of annuity with the best rate. In terms of transferring funds, delays had occurred in over 60% of annuity transfer cases reviewed. The complexity of the process and confusion caused by the diversity of forms used to complete transfers were identified as key reasons for delays. The FSA made individual recommendations to those firms and work on these issues needs to be completed by December 2008." Well done to the FSA for reinforcing what I have been telling you. It's now official, but remember you heard it here first!! [/QUOTE]
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