Annuity Miss-selling?

michaels

http://www.bbc.co.uk/news/business-35251342

However, 64% of annuity-buyers were sticking with their existing provider, rather than shopping around to get the best deal.
In this respect, "market competition appears not to be working", said Tom McPhail.
John Perks, managing director of retirement solutions at insurance company LV= described the figures as "extremely worrying".
"This means most retirees are missing out on getting the most from their retirement savings, and we believe we are on the cusp of a pensions mis-buying scandal," he said.

What worries me of course is that if large sums of compensation end up being paid my pot will be raided to keep the pension companies afloat

kinger101

I don't really see it as mis-selling (in the case of the annuities). If people can't be bothered to shop around it's their own loss. Interesting termnology from LV; "mis-buying". I'm not sure he knows what a scandal is. I hope nobody tells him bread in his cornershop is more expensive than the supermarket. The shock might finish him off.

Thrugelmir

mis-buying

not mis-selling

People have freedom of choice.

worried_jim

When miss selling marries, will she change her name?

vlad

worried_jim wrote: »

When miss selling marries, will she change her name?

That would be the end of MSE :eek:

Generali

Thrugelmir wrote: »

mis-buying

not mis-selling

People have freedom of choice.

Increasingly they don't: if they make a bad decision they get to revisit that choice later on.

thequant

Generali wrote: »

Increasingly they don't: if they make a bad decision they get to revisit that choice later on.

It's intellectual socialism, where ultimately money is taken off the intelligent to compensate the thick.

MPD

thequant wrote: »

It's intellectual socialism, where ultimately money is taken off the intelligent to compensate the thick.

I blame the intelligent, they should find a way of making the thick understand so they don't make bad choices.

chewmylegoff

thequant wrote: »

It's intellectual socialism, where ultimately money is taken off the intelligent to compensate the thick.

I guess another way to put it is that businesses which operate in regulated industries which adopt charging structures designed to tempt in dullards and profit from their stupidity do so at their own risk, especially when politicians sniff a chance of vote.