General Insurance Article - Aviva response to the new ABI code of conduct


 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."

Back to Index


Similar News to this Story

Trade credit claims fall in volume and value
The Lloyd’s Market Association, in collaboration with the International Underwriting Association and London & International Insurance Brokers’ Associa
Majority of mutuals report AUM growth and Own Funds increase
Government’s aim to double the size of the mutual and co-operative market presents significant opportunities for financial mutuals. Gross Written Prem
Insurers told they must improve claims handling
The FCA has today revealed that while rising motor insurance premiums are largely driven by external cost pressures, shortcomings persist in how some

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.