The Financial Conduct Authority (FCA) regularly reviews annuity comparison websites to assess whether or not they provide sufficient information to their customers. It is essential that all individuals be given the knowledge they need to make informed decisions. Due to the somewhat steep learning curve that this body of information may have, customers considering purchasing an annuity through an online service need to be aware of the risks they will be exposed to (and the level of those risks), while simultaneously being given sufficient information in order to make an informed and strategic decision. When consumers first begin interacting with an annuity comparison website, they should be given a wide range of key information, including documentation concerning the tax treatment of annuities, possible requirements for a medical enhancement to obtain enhanced annuity rates, the possible availability of Guaranteed Annuity Rates (GAR) and the potentially higher charges that could apply to annuity alternatives.
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Alastair Miller, director of Far Sight Financial, the parent company of MyLovelyRetirement, described the responsibilities inherent in the annuity advice and comparison business, stating, “MyLovelyRetirement takes its responsibilities as a non-advice annuity comparison website very seriously. We endeavour to ensure that the risks involved in purchasing an annuity are explained, that the alternatives (not offered by the service) are outlined and that our customers are able to make informed decisions on their retirement provision.”
MyLovelyRetirement provides valuable annuity information to individuals across the United Kingdom who are seeking to secure a comfortable future for themselves and their loved ones during retirement.