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Adviser launches annuity service to boost OMO

Adviser launches annuity service to boost OMO

Lichfield-based MSG Financial has launched an annuity service to take advantage of the increasing drive to boost the open market option (OMO).

The firm has launched the Annuity Advice Service and hired medical tele-interviewing firm Morgan Ash to contact potential clients to establish whether they qualify for an enhanced annuity.

MGS principal Gareth Reynolds (pictured) said: ‘I am passionate about enhancing the take-up of the OMO and enhanced and impaired annuities. With the Association of British Insurers soon to launch its new code encouraging shopping around at retirement, I feel my offering fits well.’

The service will cost 1.3% for a standard and 2% for an enhanced annuity, with fees ranging from £600 to £2000.

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