sell annuity payment
Mon, 15 Dec 2014 15:04:42 GMT
Insurers wrecked savers' retirements, so they should pay
Based on what the FCA has unearthed regarding their conduct, many insurers weren't fit to sell annuities – or indeed have anything to do with something as precious as pension savings. Rather than resisting change or criticism, insurers should now examine ...
Thu, 11 Dec 2014 12:46:17 GMT
City watchdog backs down over annuity mis-selling
Annuities are the insurance contracts bought with a pension that pay out an income until a pensioner dies. It showed 60% of pensioners were just buying their annuity from their pension provider, despite being able to shop around – known as exercising the ...
Thu, 11 Dec 2014 15:50:55 GMT
Revealed: the 14 tactics used to rip off pension savers
In one of the most shocking revelations, the head of the business responsible for selling annuities was incentivised to sell annuities with bonuses. His "variable pay" was linked to the number of sales of annuities "to existing customers", the FCA said.
Thu, 11 Dec 2014 12:03:40 GMT
Annuity mis-selling scandal: could it be as big as PPI?
These damning figures indicate the scale of the redress that could be payable. The figures could be extrapolated to argue that if, on average, half of savers failed to take their money to another pension provider when buying their annuity, and that of these four ...
Reverse mortgage scheme fails to attract target group due to practice of dishing ... - Economic Times
Tue, 09 Dec 2014 08:23:26 GMT
Reverse mortgage scheme fails to attract target group due to practice of dishing ...
Reverse mortgage, launched in 2007, is a financial product devised to help people above 60 to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house. The payment may come from a bank as loan or from an insurer as annuity income. The annuity income has also been ... only 60% of the valuation of the property. Insurance companies are allowed to make the annuity payments but they are yet to make a real contribution to benefit senior citizens.