Statement from Aviva on the ABI’s new code of conduct as release today
Clive Bolton, at retirement director at Aviva, responds to the new ABI code of conduct:
"We fully support the ABI and its new code of conduct. Aviva has long campaigned for a more customer focused approach for those retiring and last year we set out our own thinking in the Rethinking Retirement Report in which we proposed reforms to modernise the annuity industry. Aviva believes that customers should receive the same level of care regardless whether they stay with their own pension provider or actively shop around through the open market.
"These proposals not only called for customers to be educated about the suitability of an enhanced annuity and ensuring they have access to the appropriate level of retirement advice, but also increasing transparency by requiring all annuity providers to publish their rates, including those who only provide annuities to their own pension customers.
"This new code of conduct will significantly improve transparency and facilitate the development of a healthy, reformed and competitive retirement market place. Providers who seek to provide poor value annuities (including those which are medically underwritten) to their own pension customers will now be faced with greater scrutiny due to the commitment by the ABI to look at how best to publish all annuity rates. Customers will now be able to assess the potential benefits of switching providers using information on the whole market."
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