The Financial Services Authority (FSA) has issued around 50 penalties during 2008, including a record-breaking crackdown on issues including mortgage fraud and the significant issue of mis-selling of payment protection insurance (PPI). The Financial Times revealed on the 24 December that the FSA has issued 48 fines, about twice as many as in 2007 and half as many again when compared to the number issued in 2006.

The fines have totalled around £22.6m, the second highest annual total on record. Although in 2004, the regulator issued fines worth £24.8m, but one was a £17m fine against Shell. However, the figure for 2008 is four times greater that the £5.3m handed down in fines in 2007.

FSA fines relating to PPI mis-selling have accounted for around £10m of 2008’s total, including Alliance & Leicester’s £7m fine in October for “serious failings” in its telephone sales of PPI.

The FSA has come under fire for being too heavy-handed with some of the penalties handed out, such as its November £1.12m fine for “serious failings” in AWD Chase de Vere Wealth Management’s pension transfer, pension annuity and income withdrawal (income drawdown) business.

The message from all this is quite clear on two fronts. First, the FSA are prepared to take action when they identify failings. Secondly, when you choose an adviser take care to choose one with a good reputation and strong parenting.

have meant that individuals have been more concerned with not losing the funds they had never mind ensuring that future plans are on track.

Many financial planning arrangements, particularly retirement planning or providing an income in retirement, have been hit badly.

If it is the case that your financial plans have been badly affected, then broadly you have two choices: either do nothing or do something. It might be the case with the former that you may have to push back your planned retirement date or survive in retirement on a lower income.

Whatever you consider you must be careful with the level of risk you need to take to achieve your financial goals and compare this with the risk you are happy to accept.

If you currently have an income drawdown plan (also now known as an unsecured pension) you may now wish to consider buying a pension annuity with your pension fund. This will provide security and negate any further investment risk to you, though investment losses will mean you are buying your annuity with a smaller fund, crystallising your losses, and so are likely to get a lower annuity income.

Annuity rates are likely to decline, following the drop in interest rates, so at least you will be able to buy into decent annuity rates before they start to fall.

When this website was revamped in December, 2008, the idea was to bring to you, the customer, a whole lot more information about the full range of retirement options available to you. Yes, we can still provide you with an annuity quote, and get you the best annuity rates, but there is more out there available to you, especially if you have a larger pension fund.

Take a good look around the website, understand your options, speak with an adviser at Origen (our strategic partner). Get yourself into a position whereby you can make the right decision on your retirement planning, which may or may not lead you to buying a pension annuity. If you understand the pros and cons of the alternative types of contracts, such as income drawdown, phased drawdown, or third way variable annuities, at least you have a better chance of making an informed decision. There are still many websites trying to lure you into buying an annuity, but without informing you of your options.

So go ahead, take a look around the website. You could even help us to help others by providing valuable feedback.

We have just witnessed a tumultuous twelve months that has left many of us in a state of financial flux. From investments and savings to loans and mortgages, and pensions and annuities, markets have changed markedly. So what is the state of play, particularly in respect of the pension and annuity market?

One outcome of 2008, according to the Organisation for Economic Co-operation and Development (OECD), was that the average private pension fund declined by more than 15% over the year. Looking ahead you should diversify your investments; spread them across different asset classes to reduce exposure to risk.

Annuity rates did reach a six-year high in mid-2008, but there are already signs that they are beginning to fall back, with most main annuity providers trimming rates in recent weeks. More substantial falls are anticipated as the bond yields on which annuity rates are based come down when interest rates decline.

A drop in annuity rates of 10% would leave a 65-year-old man with a £100,000 pension fund £15,000 worse off during the course of retirement. So, if you are considering buying a pension annuity, now could be the time to act before rates slide.

It is important to point out, however, that If you smoke or suffer from ill-health, you may be able to buy an enhanced annuity with increased annuity rates, which pays out more on the assumption the payout period will be shorter, and relates more to individual circumstances.

Whatever you do, make sure you shop around for the best annuity rates when you retire. The difference in retirement income could be substantial.

As it’s the New Year, and more people will be researching websites such as this, a reminder of what this online annuity service is all about. First, rightannuity.co.uk and it’s strategic partner, Origen, are  dedicated to providing you with the very best retirement options service.

The advisers at Origen have a wealth of experience together with access to the very best pension annuity rates from all providers,  and they have available a team of dedicated administrators. They  operate as Independent Financial Advisers (IFA) and have no outside influences that may affect their judgement. Together, we work for you to obtain the best possible pension annuity terms.

As IFA’s you are offered a top class service that encompasses all of the annuity providers, including the more specialist companies, for example, those specialising in enhanced annuities. This means that we have access to the widest possible range of choices for your pension annuity and can take maximum advantage of your Open Market Option (OMO).

What might you expect:

An initial discussion which provides an overview of the service available and what you can expect, with a more detailed discussion to familiarise ourselves with your circumstances.

A full explanation of your retirement choices and options.

Detailed market research of the best retirement option for you.

Assistance with the paperwork and set up process.

Dedicated points of contact in the adviser and administrative functions.

Recommendations confirmed in writing.

And a whole lot more. So. please contact us to discuss how our service can help you find the best retirement option for your circumstances, which may or may not result in a pension annuity.