Some 50% of annuity customers stick with their original pension provider rather than shopping around - losing out on a potential £765m worth of extra income, research has shown.

The FCA is to require annuity providers to inform clients how much they could gain from shopping around and switching provider before they purchase an annuity under plans announced today.

New figures from the ABI, which is holding its annual conference today, reveal that £131 million is now being paid every day paid to customers by UK insurers and long-term savings providers.

Another misselling scandal has been prevented after the ticking ‘timebomb’ of annuity re-sales was defused.