Firms offering targeted support will not be able to expressly refer to a particular annuity in client conversations and must signpost consumers to MoneyHelper’s comparison tool, the Financial Conduct Authority (FCA) has decided.
Its consultation paper, released today (30 June), ruled out specific annuity suggestions as obtaining the necessary personalised information would result in "overly granular consumer segments" under the targeted support framework. The paper said: "Without personalised data, it would be inappropriate for firms to make an express recommendation for a lifelong product that is irreversible." "As firms will not be able to expressly refer to a particular annuity, it follows that they will not be able to provide a pension annuity quote" the consultation added. "We are concerned that if a co...
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