Annuities – the most distressing financial scandal

The Financial Services Consumer Panel, a consumer group, has just noticed something I think most of you might have known for some time: that the annuities market is “very dysfunctional”.

It provides the financially uninitiated with such “information overload” and jargon that they can’t cope with the idea of shopping around for the best deal. It indulges in “possible exploitative pricing”.

For those who do shop around, it runs the old financial services scam of putting something about as a free service and skimming off whopping great commissions behind the scenes. The result? “Excessive profits.” Nice.

All bad behaviour from [...]

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