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21/04/2008 - SimplyBiz launch Annuity Finder service

SimplyBiz have today announced the launch of an Annuity Finder service to help member firms advise their clients on the Open Market Option when approaching retirement.

SimplyBiz have always been a strident supporter of the Open Market Option for annuities and have featured in the campaign that Just Retirement launched earlier this year.

Ian Thorneycroft, Managing Director of SimplyBiz, commented:

“It is disappointing that several years since the OMO option was brought into FSA rules, the majority of annuities are still not brokered, rather they stay with the incumbent provider. This is despite the fact that many pensioners could see as much as £15000 difference on the average annuity over the average lifetime.

The challenge is that clients are not always prepared to pay a fee and the commission payable of normally 1% makes the work involved on an average annuity of £28,000 a loss maker.

We have been researching the market for some time and investigated the possibility of setting up our own annuity bureau. However, our member firm Openwork Market Solutions have launched Annuity Finder, which we believe a solution that will benefit our member IFAs, their clients and expand the market for providers. Openwork Market Solutions is one of the largest annuity writers in the country and when they joined SimplyBiz we were impressed by the efficiency and the quality of the advice process which is delivered by telephone.”

Through the scale of Openwork’s operation, SimplyBiz were able to offer a referral service whereby their IFA member firms can complete a simple referral form which is screen based on the SimplyBiz website. Within set service standards the client is contacted and when the transaction is completed the IFA referring receives the full 1% commission he would normally have received. The advice is given by Annuity Finder without interfering with the client IFA relationship.

Thorneycroft added:

“Outsourcing is a common practice now, for mortgages and other specialist areas. Few advisers will give advice on all product areas and will often call on expertise elsewhere. Under TCF it is very important that clients understand they can access the market for a better pension.”

Alec Adams of Openwork commented:

'Openwork Market Solutions has built a reputation for offering top-quality service and is currently one of the largest annuity-producing IFAs in the UK. We are delighted SimplyBiz has chosen to partner with us and we look forward to working with its members and their clients in offering a professional, independent service - a cause championed by SimplyBiz.'

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21/04/2008 - SimplyBiz launch Annuity Finder service