The code of conduct on annuities established by the Association of British Insurers, introduced in March, was put in place to ensure all consumers were aware of the shopping around process and to make them aware they may get a better deal from a different provider.

Insurers were told to stop sending out unsolicited quotes and application forms.

However, the Daily Mail reports application forms were still being sent out to clients who had contacted a provider.

It said the code had now been amended so that it is clear that no matter how someone contacts an annuity provider, that firm must treat them in the same way as any other customer who has contacted them for the first time.

ABI director-general told the Mail guidelines were not breached by insurers but there were ambiguous passages in the code regarding what firms should do when a saver retired early and contacted them for a quote.