Poor practice has been discovered on all annuity price comparison websites by the Financial Conduct Authority (FCA).
Its thematic review into the market investigated the failing open market option as well as other facets of the annuity space, including the burgeoning comparison website market. The FCA looked at 13 annuity price comparison websites. The sites compare different annuity rates and allow people to buy a contract direct from a provider. However, the regulator said there was lack of clear information and an "underplaying of the significance of buying an annuity". The watchdog said: "Given the significance of buying an annuity, the FCA expected these websites to make it unavoidably clear...
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