Friends Provident is the latest provider to go live with the Association of British Insurers’ Options initiative to speed up annuity transfers.
Other providers already signed up to the Origo-administered system include Aegon, Just Retirement, Legal & General, LV=, Partnership, Prudential, Canada Life and Standard Life.
Advisers recently wrote an open letter urging those not onboard to go live with the system as soon as possible. These providers include Axa, MetLife, MGM Advantage, Norwich Union, Pearl Group, Scottish Widows, Skandia and Zurich.
Options has already sped up transfers significantly since going live in December, according to advisers.
Aifa has warned of the danger of the FSA interfering in the way IFAs run their businesses under “outcome-focused” regulation.
Treating customers fairly is top of firms’ radars and we can all just about quote the six consumer outcomes but it appears that principle-led regulation will be no more.