Speaking at a debate organized by the Westminster Employment Forum yesterday, Webb responded to concerns expressed by a range of commentators and advisers that the annuities market was not working well or in the interests of growing numbers of consumers.

He said the Department for Work and Pensions was working very closely with the Treasury, which ‘led in this policy area’ and was very concerned to make sure that people got value for money. 

‘We welcome work that the Financial Conduct Authority has already done and will do on annuities. And I am keen that any policy making that the government does on annuities is joined up with what the FCA are doing.’

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