Commission on non-advised annuity sales could be banned

Its latest consultation, Pension reforms - proposed changes to our rules and guidance, said consumers were at risk of not getting value for money from non-advised annuity sales. And that in some circumstances commission payments were so high they topped the cost of regulated financial advice. The paper said typically, most annuities were bought without advice - either direct from the annuity provider (often the accumulation pension provider) or via a third party distributor. The FCA said many third-party distributors were paid a commission by the pension provider for arranging the ...