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ABI response to FCA Secondary Annuity Market consultation

The FCA has published a consultation on proposed rules and guidance for the secondary annuity market.

Commenting on the consultation, Yvonne Braun, Director of Policy for Long-Term Savings and Protection at the ABI, said:

Yvonne Braun"The FCA is right that the secondary annuity market comes with potential risks to customers. We also agree that consumers in this market are more likely than in other markets to be vulnerable, so this consultation is essential.

"There are still outstanding issues to work through in a limited timeframe including what ‘appropriate advice’ will look like, what is expected of providers, and how we can work with Government to ensure that the maximum number of people under the advice threshold take up guidance. We will be working closely with the FCA as we develop our response to the consultation, to help address the risks and enable those who could benefit to do so."

Last updated 01/07/2016