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Article: Living Time leads OMO wake-up call.(open market option)
- Article from:
- Financial Advisor
- Article date:
- April 2, 2009
- Author:
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Pawsey
Lack of awareness of the open market option could lead to a mis-selling scandal in the future, annuity provider Living Time has warned.
The annuity specialist has hit out at lifetime annuity providers for not doing enough to make pension customers aware of their options when reaching the accumulation stage.
This week Living Time stepped up its Offer More Options campaign, which was launched last summer to engage advisers and providers to ensure consumers are fully briefed on all the annuity choices available to them.
David Harris, managing director of sales and marketing for Living Time, said there was a "definite ...