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FCA annuity sales thematic finds firms giving timely and relevant information

Responding to the FCA’s publication of its thematic review of annuity sales practices, Yvonne Braun, Director of Long-term Savings and Protection Policy at the Association of British Insurers (ABI) said:

Yvonne Braun “We are pleased but not surprised that this thorough and wide-ranging review by the FCA found ‘no evidence of an industry-wide or systemic failure to provide customers with sufficient information about enhanced annuities through non-advised sales’. As the FCA points out, the information firms have given customers about enhanced annuities in the majority of cases has been timely, relevant and adequate and enabled customers to make informed decisions.

“The industry has been focused on improving people’s experiences of making retirement choices in recent years and is working hard to ensure the Freedom and Choice reforms significantly improve customer engagement in pensions.”

Last updated 01/11/2016