No systemic failure in enhanced annuity sales - FCA review

‘Small number' of firms asked to review sales

Julian Marr
clock • 3 min read

The Financial Conduct Authority (FCA) has found no evidence of 'an industry-wide or systemic failure' to provide customers with sufficient information about enhanced annuities through non-advised sales.

Indeed, its thematic review of non-advised annuity sales practices concluded many of the firms reviewed had provided "clear and comprehensive information to customers with written communication tending to meet the standards required". In some instances, however - when "significant communications took place orally, normally over the phone" - the regulator suggested this was likely to have caused some customers to purchase a standard annuity when they might have been eligible for an enhanced product. The FCA said these failings were of sufficient concern at a small number of firms they ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Retirement tax planning and the issue of underspending

Retirement tax planning and the issue of underspending

Retirement planning Q&A

Professional Adviser
clock 12 October 2026 • 6 min read
Partner Insight: PruFund arrives on Scottish Widows Platform

Partner Insight: PruFund arrives on Scottish Widows Platform

How integrating PruFund onto the Scottish Widows Platform expands retirement options for advisers without increasing administrative burden

Ross Easton, Head of Platform Propositions, Scottish Widows
clock 05 October 2026 • 3 min read
The conversation that has to change with the 100-year life

The conversation that has to change with the 100-year life

'Advisers need to continue to challenge the cliff-edge narrative directly with clients'

Graeme Bowden
clock 24 September 2026 • 4 min read