SIMPLYBIZ is warning IFAs that they must explore the open market option for annuities fully with clients, or risk not treating them fairly.
Ian Thorneycroft, managing director of Huddersfield-based SimplyBiz, the compliance service provider, said that his company had flagged up the issue in communications with SimplyBiz advisers.
Mr Thorneycroft said: "It is obvious that clients are not fully looking at annuity rates from the open market, even though they have to be told about them.
"There has been a lot of attention from the government about the need for people to build funds for their retirement but people do not seem to be making the most of the fund they have ...