The Treasury wants to make advice mandatory for sales of annuities on the secondary market, it has said in a statement today.
The government has asked the Financial Conduct Authority (FCA) to create rules around the introduction of mandatory "relevant financial advice" for annuity holders before they can sell the policies, it said in an amendment to the Bank of England and Financial Services Bill. The secondary annuity market is expected to launch in April 2017 and the Treasury and FCA are currently working on the rules for how it could operate. The government has not yet specified what value the annuities will have to have before the new advice rules must kick in. It will be up to the Treasury to decide ...
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