12th December 2014

FCA Thematic Review - Annuities Sales Practices

The FCA states that annuities are an important product for the retirement market and that people with average sized pension pots are well served by the right annuity purchased via the Open Market Option relative to alternative drawdown strategies. This is particularly appropriate for clients with a low appetite for risk.

The FCA's greatest area of concern was where customers were not made aware of enhanced annuities where they estimated that 91% of consumers could get a better deal.

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