There are some companies that only offer the products of a handful of insurance companies and some that only offer the products of just one company. The firms listed in this directory offer products from most of the companies in the market.
Here’s more information on each of the different models:
Whole of market
This provides you with solutions and quotations from all, or most, of the companies in the market. All the firms listed in this directory must comply with this requirement. They have to provide quotations from companies that together account for at least 75% of the open annuity market. Of course, you have much more choice these days, and may choose not to buy an annuity, but for the moment this is still a useful benchmark.
Some organisations may have negotiated special deals with a handful of companies so, although they can’t offer you products from all or most of the companies in the market, they may still claim to always offer you products from companies that offer highly competitive rates and charges. In some instances they may have lower costs and pass these on to the consumer, but this may not always be the case. These companies would only appear in the directory if the companies they offer represent at least 75% of the open annuity market.
Single tie firms only offer the products of just one company so you can’t be sure that you’re getting the best deal. Nevertheless, it may a be a well known company that customers feel comfortable choosing - even if they’re not being offered the most competitive terms. A firm offering the rates of just one provider would not appear in the directory.