Standard Life could be facing up to £125m in redress after the Financial Conduct Authority (FCA) requested the firm review all its non-advised annuity sales dating back to 2008, according to investment banking group Jefferies.
On Friday, the regulator published a report in which it concluded there was no "systematic failure" in non-advised annuity sales following its review into 1,200 non-advised sales at seven different firms. Despite its conclusion there was no industry-wide failure to provide customers with sufficient information about enhanced annuities through non-advised sales, however, the regulator has ordered a "small number" of firms to review their last eight years of non-advised sales and to provide redress where appropriate. Yesterday, Standard Life revealed it was one of those firms and, in ...
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