(The following statement was released by the rating agency)
LONDON, November 30 (Fitch) The Financial Conduct Authority
(FCA)'s proposal to
make it easier for consumers to compare different providers in
the annuity
market will increase competition and put further pressure on the
profit margins
of UK life insurers, Fitch Ratings says.
The FCA has proposed that from September 2017 retiring
policyholders have access
to an "annuity comparator" before they purchase an annuity. This
would show the
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