UK Annuities: FINANCIAL CONDUCT REGULATED SITES • QUALIFIED, TRUSTWORTHY ANNUITY ADVICE

Centralising Your Pension Annuity Search

BUT FIRST, SOME IMPORTANT INFORMATION THAT COULD BOOST YOUR RETIREMENT FINANCES Have you taken out a credit or store card, mortgage, secured loan, unsecured loan or hire purchase agreement in the last 10 years? If you have (or have had) a mortgage, loan or credit card with providers such as Barclaycard, Abbey, Santander, Littlewoods, MBNA, Halifax, HSBC, HBOS, Lloyds, Natwest, RBS or in fact any other credit provider, you may be able to reclaim up to £15,000 if you were sold PPI insurance - in most cases even if you have lost the paperwork. Learn more about PPI Claims now!


annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817


FSA ANNUITIES: Annuities News


Berkeley Jacobs fined 175,000 for 'pensions unlocking'

The Financial Services Authority (FSA) has fined Berkeley Jacobs Financial Services Limited (Berkeley Jacobs) 175,000 for misleading advertising and serious failings in the advice it gave to consumers to release cash early from their pensions.
This advice potentially affected 5,000 consumers given advice between December 2000 and March 2003. The firm will be reviewing all 5,000 cases and has set aside 1 million to cover compensation costs and the cost of the review.

David Kenmir, Director of Investment Firms at the FSA, said:

"We won't tolerate firms showing such a blatant disregard for consumers' interests.

"In this case the firm tried to release as much cash from the consumer's pension as possible, often much more than the consumer needed or wanted. The more cash that was released, the more the consumer's hard-earned pension contributions benefited the firm rather than the consumer.

"No consideration was given to the substantial drop in the consumer's pension income or their inability to make up for that loss as they were so close to retirement."

The firm failed to:

issue financial promotions that were fair, clear and not misleading. For example:-

"The firm advertised extensively on Sky television with a series of cartoon style commercials that only promoted the benefits of releasing cash from your pension before retirement."

"None of the commercials carried any warnings that this action would reduce income in retirement and might not be suitable for everyone. In fact, the advertising encouraged consumers to use the cash for short-term benefits such as holidays and buying luxury goods. There was no explanation that releasing cash early meant sacrificing future pension income for short-term gain and should be done only where there is an overwhelming need and / or no other realisable assets."

gather sufficient information about customers. For example:-

"The firm used a 'Client Profile form' to gather information about its customers. None of these forms asked for information that advisers would need to give suitable advice on retirement planning, such as information about the amount of income customers thought they would need in retirement; the value of life policies that were not committed to anything; or relevant information about any current pension arrangements."

make suitable recommendations. In particular the firm did not:-

assess customers' need for income in retirement and how that was to be achieved;

consider the annuity option that gave the customers the best income;

carry out a comparison of the options available to customers, such as whether a loan or re- mortgage would be more cost effective;

assess customers' attitude to risk;

draw attention to the 'critical yield' on transfers from occupational pension schemes;

prioritise the competing objectives of "cash now" or "income in retirement"; and

assess the effect on DWP / DSS benefits

issue suitability reports that gave customers adequate and fair information about what was being recommended. For example:

"The suitability report was a bundle of documents containing a single A4 sheet with large bold type showing the amount of tax-free cash that was available. In smaller type the details of the pension payable were shown. There was no warning that releasing cash early would cause a reduced income in retirement. The only warning about the possibility of a reduced pension was a general risk warning which was made within the text of the report, in much smaller text and separate from the A4 sheet."

have appropriate compliance arrangements in place to comply with the regulator's rules. For example:

"The firm's compliance staff believed that if a customer said that access to cash was an objective, advisers did not have to consider any other alternatives. "

Co-operation to resolve the issues only occurred once the regulator's concerns were brought to the attention of the Board of IFG Group plc which now owns Berkeley Jacobs. Berkeley Jacobs has since taken positive steps to resolve the problems. These have included:

undertaking a review of all advertising and financial promotions to ensure that its advertising strategy complied with the regulator's requirements;

the appointment of external consultants to review all sales and compliance procedures and to make recommendations for changes, where appropriate;

ceasing to write new 'pensions unlocking' business until the appropriate changes to its new business procedures were implemented;

undertaking the retraining of its advisers;

installing recording equipment in order to monitor the advice given to customers;

the recruitment of additional compliance resource; and

undertaking a past business review.

Pension unlocking allows someone over the age of 50 to release their pension benefits from an occupational or personal pension before they have reached their retirement age. The benefits are transferred to a new pension arrangement from which they can release their money.

The full text of the Final Notice issued by the Regulatory Decisions Committee, which includes the background to the case, further detail on the advertising undertaken, the relevant statutory provisions, regulatory requirements contravened and the factors taken into account by the RDC when setting the level of the fine, may be found here.

Berkeley Jacobs is an Independent Financial Adviser and was incorporated on 28 October 1992. Berkeley Jacobs became authorised by the Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA) on 12 February 1993. Subsequently, Berkeley Jacobs became authorised by PIA on 27 January 1997 and remained authorised by PIA until the FSA assumed responsibility for it at N2.

Berkeley Jacobs was acquired from its founder directors/shareholders by IFG Group plc ("IFG") in September 2000. Under the terms of the acquisition contract, the founder directors remained in Berkeley Jacobs and continued to run it until September 2003, when they ceased to have any involvement in its management. IFG is a quoted company, primary listed in Dublin with a secondary listing on the London Stock Exchange.

Berkeley Jacobs specialises in advising customers on early vesting, i.e. taking pension benefits early.

Berkeley Jacobs did not identify the breaches. Nor did it accept the FSAs concerns when it was first notified of them following the FSA's Supervision visit in October 2002. However, after the gravity of the matter became clear to IFG, extensive and appropriate remedial action was taken to address the concerns identified.

The FSA also acknowledges the extent of the investment that IFG has since put into Berkeley Jacobs to rectify the compliance issues in the company and the proposals Berkeley Jacobs has put forward to meet the requirements of a past sales review.

Information to help consumers who may be considering 'unlocking their pension' is available on our consumer website at www.fsa.gov.uk/consumer. It includes additional questions that a consumer should ask their adviser.

The 'critical yield' is the rate of investment return that you need to achieve to match your existing benefits.

The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.

Keywords: Pension, Annuities, Annuity, Pensions

Please note that the annuities and income drawdown information contained within the articles and general text on Annuities Central may not be intended for annuity consumer use, may no longer be current and should not be used by consumers to make financial decisions. It is very important that you don't use this annuity information in isolation to decide which annuity or annuity alternative to buy. Annuity comparisons and pensions information or opinions expressed are made as at the date of this publication and are subject to change without notice. Always seek the help of an annuity broker before you buy an annuity.

annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817