FCA begins probe into providers' annuity sales

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The Financial Conduct Authority (FCA) is investigating thousands of annuities sold on a non-advised basis since 2008 to see if they were unsuitable for savers.

The regulator will carry out a "forensic" analysis of a large sample of sales from all of Britain's major insurers, with a primary focus on whether those customers entitled to 'enhanced' annuities were recommended them. It follows the FCA's retirement income market study, which finished last December. The review is only looking at non-advised sales by providers, the FCA said. It is believed more than 600,000 pensioners could have been sold annuity contracts that failed to account for their health in the six-year period under review. They may now be due compensation. Common me...

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