ROCHDALE, ENGLAND, February 15, 2014 /24-7PressRelease/ -- In an effort to ensure that future pensioners across the UK have access to the information they need to make responsible decisions about their future financial plans, MyLovelyRetirement has produced a comprehensive guide to non-advised annuities, information that individuals should expect to be given by any company arranging their annuity purchase, regardless of whether or not they are an online non-advice service. In many ways, this element of financial planning is the most important, as individuals will have significantly fewer opportunities to "repair" any financial missteps during their retirement years. ---
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.
It has long been hypothesized that a comprehensive registry of "approved" firms operating in the annuity market might be an effective solution for standardizing and reinforcing information disclosure protocol. By subscribing to a series of visible, "across-the-board" standards, businesses could help promote confidence in consumers who are entering into the annuity purchasing process. In the meantime, customers are highly encouraged to shop around and actively compare a variety of sites in order to gain a better feel for whether the particular site or service they're considering using matches the standards of clarity, fairness and transparency they have observed elsewhere.
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.
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