By Jonathan Davies

The Financial Conduct Authority (FCA) has criticised some pension providers for failing their customers.

A report by the regulator found that the majority of customers were being advised against shopping around for a better deal, and missed out on a higher income from their annuity as a result.

Those who buy "enhanced" annuities are particularly missing out on better deals, the report found. Enhanced annuities provide a higher income for those with serious medical conditions.

Those with shorter life expectancies are not being told that they could get a higher income from a different annuity.

The FCA launched the investigation in February after it found out that 80% of pension customers could get a better deal elsewhere.

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