FSCP demands change in the non-advised annuities market

Firms' preference for non-advice is only partly driven by the need to offer efficient services for smaller pots, it said. The fact that commission - banned on advised business at the end of last year - is permissible for non-advice, and that firms are not held accountable for the suitability of sales, are stronger influences, the FSCP concluded. The independent statutory body has published the findings of research into how consumers buy annuities and what they experience when they do. It recommends urgent regulatory and government-led structural reform "in order to prevent millions of...