FCA clarifies adviser role in annuity prompts

In a policy statement on 26 May, the regulator said both providers and advisers would need to flag the best quote available on the open market to their clients before the client makes the decision to proceed with purchasing an annuity. However, it would allow advisers to rely on a provider's information prompt if they thought that was appropriate. The prompts will apply to all types of annuity sale, including internal, open market and panel sales and are designed to encourage consumers to look for the best deals. The FCA said: "We consider that the requirement to provide the inform...