Tag Archives: Financial Services Authority

FSA Annuity Rates

The FSA, or Financial Services Authority is an independent body which is dedicated to regulating financial services industries in the United Kingdom. They are responsible for a number of different areas of regulatory practice, from investigations and rule-making to making sure those rules are enforced. Basically the FSA is around to make sure that financial services companies behave in a responsible and ethical way.

After the troubles of recent years, the importance of the FSA is all the more appreciated. While the FSA is responsible for a whole realm of financial services industries, it is responsible as part of this for keeping an eye on insurance companies and annuity providers. And they release FSA annuity rates on a regular basis, so that you can know what the baseline should be.

FSA annuity rates are an important part of keeping annuity providers honest, but FSA annuity rates are also a good tool for you to use to get an idea of what rates are available and how competitive they may or may not be. This is a huge advantage because there is an absolute wealth of information about various annuity providers and the rates that they offer. It can therefore be a bit difficult to find your way through all of the information.

However, with FSA annuity rates, you have an excellent and trustworthy guide to what you should be able to expect from your annuity provider. The FSA is working on your behalf. It was this organisation for example which enforced a ruling which permitted people to choose the annuity provider they wanted, rather than just sticking with the annuity offered by their current insurance company. It was also the FSA that made sure that insurance companies send you information about your options before you are due to retire.

It can be difficult in all of the jargon and all of the numeracy to find your way clear to a decent understanding of what annuities are and how they work. Without this understanding it is even more difficult to find an annuity rate that will help you get through the financial difficulties that retirement poses. This is why the FSA was set up, to help you make financial decisions, and to regulate the companies that you will have to turn to. So if you are looking into annuities and the rates seem a bit unreliable, the FSA has a breakdown of FSA annuity rates, which can definitely help you.

Compare Annuity Providers and their Annuity Schemes

One of the factors that often gets lost while comparing financial and investment products is: who is the provider of the product? What is the provider’s standing in the industry? People increasingly compare products and shop around to find an annuity that works well for them, but a large proportion of us are not aware of how important it is to compare annuity providers as well.

It is fairly easy to compare annuity schemes, thanks to the multitude of comparison websites, and other tools and resources that are readily available today. However, it is not so easy to compare annuity providers. Comparing different insurance companies means having to learn more about each company and making sure that it is duly qualified, licensed and regulated by the appropriate bodies.

When you compare Annuity Providers, there are certain things to look out for. Always make sure that the annuity provider is well established within the industry – if not particularly in the annuity sector, then within the finance sector. Having a significant reputation to protect means that the company is much more likely to play by the rules and offer a fair deal, than a company that has nothing to lose.

The Financial Services Authority (FSA) – which was the regulatory body and watchdog for the financial industry in the UK, has now been replaced by two different ombudsmen – The Financial Conduct Authority and The Prudential Regulation Authority. The FCA is now the watchdog and regulator for the financial sector and does the job of making sure that the industry remains fair, ethical and healthy. It promotes competition between providers and ensures that customers are protected at all times.

So, when you compare annuity providers, always make sure that you select a provider that is regulated by the FCA. This will ensure that the provider is accountable to the Financial Conduct Authority and must therefore follow by its rules. This layer of accountability is absolutely essential; as it means that as a customer you have the additional protection from future malpractice or fraud.

Choosing an annuity is one of the most important decisions in life – as once purchased, an annuity can usually not be cancelled or returned. It is therefore important to make a considered and well informed choice. In order to make an informed choice, it is important not only to compare different annuity products and shop around on the open market but also to compare the annuity providers.