FCA: Second-hand annuities pose 'significant consumer risk'

The regulator today published a consultation on its proposed rules and guidance for the second-hand annuity market. It said the rules are designed to help "provide appropriate consumer protection while promoting effective competition in the interests of the consumer". There will be an advice requirement check to be carried out by providers and upfront charging requirements, the consultation paper said. It added annuities are inherently difficult for consumers to value, and consumers who will be able to participate in this market will include a higher proportion of older, more vulne...