Pensions savers may be losing out on 20-30% of potential pension income, by buying their pensions annuity without taking unbiased financial advice. Many pensions companies fail to clearly explain to savers their right to shop around – the so-called ‘open market option’.
Posts Tagged ‘OFT’
Pensioners lose out by not seeking unbiased financial advice on pensions annuities
Monday, July 26th, 2010Unbiased financial advice more crucial in online world, says OFT
Thursday, July 22nd, 2010
The Office of Fair Trading is to look at consumer protection in relation to shopping online. One implication is the importance of unbiased financial advice and guidance on complex financial products, insurances and investments. Read More
Pension advice crucial in pensions transfers
Monday, April 19th, 2010Pension advice is crucial for those considering transferring a pension – especially those in an occupational pension scheme who are being encouraged to transfer by an employer. Care is needed, though, as the standards of pension advice vary widely, and are still causing concern to the Office of Fair Trading (OFT).
ISA savings tangled in red tape, says Consumer Focus
Friday, April 2nd, 2010ISA savings are strangled in red tape, mired in misinformation and blocked by barriers to switching accounts, says market watchdog Consumer Focus. Inefficiencies by ISA providers may cost savers up to £3 billion in lost interest. A ‘super-complaint’ has been lodged with the Office of Fair Trading.
Melting snows reveal great remortgage deals
Wednesday, February 10th, 2010
As we emerge from a snowy January, the climate is particularly favourable for those seeking a remortgage. Lenders are competing for the business of mortgage holders with significant equity built up in their homes.
OFT highlights need for financial advice on life insurance, critical illness insurance
Monday, February 8th, 2010An Office of Fair Trading study into ‘small print’ in contracts is likely to focus on life insurance and critical illness insurance, emphasing again the value of independent financial advice.
OFT gives up challenge to bank overdraft charges
Wednesday, December 23rd, 2009
The Office of Fair Trading (OFT) has decided not to pursue further its attempt to investigate the fairness of bank overdraft charges on current accounts, following a Supreme Court judgement against it last month.
Chartered surveyors confirm UK house price rise
Wednesday, December 16th, 2009
Chartered surveyors have confirmed that UK house prices are continuing to rise, as the Royal Institution of Chartered Surveyors (RICS) publishes its quarterly UK Housing Market Survey.
High-cost borrowers lack advice and information – OFT
Tuesday, December 8th, 2009Failure to gather information and shop around for cheaper credit are the tell-tale behaviours of savers who resort to high-cost credit deals, according to new evidence just released by the Office of Fair Trading (OFT).
The high-cost credit specified includes pay-day loans (loans lasting just a few days), in-store finance options such as hire purchase, home credit, mobile phone text loans, credit union loans, pawn-broking, and rent-to-buy arrangements.
OFT must find new way to investigate bank charges
Wednesday, November 25th, 2009An Office of Fair Trading investigation into charges levied by banks for unauthorised overdrafts has today been blocked by the Supreme Court.
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