Firms providing comparison websites for annuities should include details of the types of guarantees available and identify providers if they operate a restricted panel, after the Financial Conduct Authority (FCA) updated its guidance for firms.
It follows feedback from the industry after a regulatory review of 13 annuity comparison sites earlier this year uncovered concerns about providers' disclosure of information and risk warnings. Respondents to the FCA's proposed guidance suggested sites should include information about guaranteed annuities, including those that provide an income after a partner's death, and the benefits and likely better rates they pay. The FCA has updated its guidance, requesting providers to point out that single life annuities provide no further income for surviving partners unless a guarantee is pu...
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