26 March 2015
Commenting on the publication of the final Retirement income market study report from the Financial Conduct Authority (FCA), which warns that the government’s pensions reforms may expose savers to risks, TUC General Secretary Frances O’Grady said:
“This report confirms that the annuities market worked badly for many savers. It is appalling that no robust action has yet been taken against providers who benefited from this skewed market for so long.
“The government should be particularly concerned about the FCA’s warning that new pension freedoms from next month could reduce consumer confidence and interest in shopping around.
“Trying to solve a market failure by dogmatically extending the market could see even more savers ripped-off in the future.”