The consumer group which monitors financial services for the Financial Conduct Authority (FCA) has called for a review of the growing direct to consumer annuity market.
However, the FCA has told the Financial Services Consumer Panel (FSCP) that it will consider the issue as part of its general annuity market review. The FT reports the FSCP made the call after a surge of execution only online annuity sites opened for business in recent months. The encouragement of shopping around for an annuity has resulted in the launch of several comparison sites. The sites give retirees access to annuities without having to use an adviser. The FT said the panel, which is appointed by the FCA to advise it on policy, was concerned that "non-advice" sites - which c...
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