MGM Advantage extends cooling off period for annuities
MGM Advantage has announced an extension to the cooling off period for annuities, following the recent Budget announcement.
They have extended the cancellation period to 60 days for all cases activated on or after the 18/2/2014. This effectively means that any customers within their cancellation period at the date of the Budget will be given an additional 30 days. Applications received after the 24/03/14 will revert to standard cancellation rights of 30 days.
Andrew Tully, Pensions Technical Director, MGM Advantage said:
"We need to give customers and their advisers the time to digest the Budget news and understand the best course of action. So it makes sense to extend the cooling off period for recent annuity purchases."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC
