LONDON, Dec 11 (Reuters) - Insurance companies will have tofollow stricter rules on how they sell annuity pensions toensure people are getting the best deal for their retirementincome, Britain's Financial Conduct Authority said on Thursday.
The FCA was publishing findings from its study into theretirement income market after announcing in February thatBritain's annuity pensions market is disorderly with insurersmaximising profits and failing to give customers the best deal.
A pot of money saved over a working life is used to buy anannuity which pays out a regular pension until death.
The FCA said its study confirmed that competition is notworking as well as it could for consumers, with many continuingto miss out on higher income by not shopping around.
Following its study, the FCA has made severalrecommendations, including requiring insurers to make it clearto customers how their quote compares with those from rivals. (Reporting by Huw Jones; editing by Susan thomas)