October 19, 2016 | 5years | Retirement Planning News
A number of annuity holders may be due redress if they were mis-sold a standard annuity when they could have got a higher income from an enhanced deal.
As part of a review of non-advised sales, regulator the Financial Conduct Authority (FCA) has discovered that at a small number of firms, communication failures led to customers purchasing standard annuities when they could have got a higher income from an enhanced deal.
Enhanced annuities pay a higher level of income to people that have lifestyles or health conditions that mean they are likely to have a reduced life expectancy.
The FCA says these failures were most likely to have happened when discussions took place over the phone. In particular, it expressed concern that call-handlers were too reliant on scripts and did not always highlight the benefits of shopping around.
To continue reading this article follow the link: moneywise.co.uk
You are now departing from the regulatory site of Financial Services Scotland Limited. Neither Financial Services Scotland Limited or Personal Touch Financial Services Limited is responsible for the accuracy of the information contained within the linked site.