L&G challenges FSL over out-of-date annuities data
Insurance giant L&G is challenging FSA to ensure its website is able to provide up-to-date data
The insurance giant
Legal & General
(L&G) is meeting with the
Financial Services Authority
(FSA) next week in an effort to ensure consumers using the watchdog’s website
are able to obtain real-time annuity quotes, up-to-date rates as well as be able
to make a provision for postcode annuities.
Tim Gosden, Legal & General head of annuity product development, told the
Financial Times, it was ‘slightly worrying’ the information provided on
the regulator’s consumer-facing website moneymadeclear.com was not always up to
However, Gosden said that, after this issue was raised, the FSA had
recognised the shortcomings of its data and had asked to meet with Legal &
General to discuss the issue.
However, the regulator told FT it was confident its tables were up to date
and that it updated its website information ‘very frequently, almost daily’.