IFAs could be subject to additional training or qualification requirements if they are involved in the second-hand annuity market, the government has said.
The government’s consultation response said advice demand would increase because of the reforms, set to come into force in April 2017, because of the advice requirement for some annuity holders. The government consultation response said: “Intermediaries are likely to have new opportunities in this market including facilitating purchase of annuities and providing a range of services for the consumer. “These new opportunities are likely to improve the profitability of firms. "However, there may be a requirement for advisers to take part in additional training or earn new qualifications...
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