CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow FCA publishes final retirement income market study report
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
FCA publishes final retirement income market study report PDF Print E-mail
Thursday, 26 March 2015

The Financial Conduct Authority (FCA) has today confirmed that it will proceed with the recommendations from its retirement income market study.

In the interim report, published in December, the FCA identified a number of concerns and proposed remedies designed to support consumer choice in this market, particularly in light of the forthcoming pension reforms. The majority of the respondents to the consultation agreed with this view of the market and the suggested remedies.

The proposed remedies are:

·        requiring firms to provide an annuity quotation ranking so that consumers can easily identify if they could be getting a better deal by shopping around;

·        redesigning and behaviourally trialling the information that consumers receive from their providers, such as wake up packs, in the run up to their retirement;

·        in the longer term, the creation of a pensions dashboard which will allow consumers to see all their pension pots in one place.

Christopher Woolard, director of strategy and competition at the FCA said:

“The retirement income market is set for the biggest change in a generation. Over the next 12 months we want to ensure that the market is fit for purpose in the new landscape.

“We received considerable support for our proposals and we will be working with Government and the industry to implement all of our recommendations so that consumers can have confidence that they are getting the best possible outcome when making decisions on their retirement income.”

In addition, the FCA wants to see firms framing the options available to help consumers make good decisions, rather than to drive sales of certain products. The FCA will be monitoring the market to track consumer outcomes, as well as the take up of the Pension Wise service.

Further consultation on annuity comparisons and the replacement of the wake-up packs will take place as part of the FCA’s policy work in the retirement income market in 2015.  The FCA has already started to design the behavioural trials that will be carried out with consumers and are contacting firms as of today to work with us on these. The results of these trials will inform any rule changes necessary to implement our remedies effectively.

The FCA is working with Government to develop a Pensions Dashboard in the longer term. The market monitoring and framing recommendations will be ongoing pieces of work.

The report addresses the issues raised by those who responded to the consultation regarding design and implementation of each of the suggested remedies, as well as alternative remedies to those recommended by the FCA.

(Source - FCA Press Release)
 

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197