FCA to personalise guidance fact-finds for annuity resales

Annuities can be re-sold from April 2017

Carmen Reichman
clock • 3 min read

The Financial Conduct Authority (FCA) has outlined plans for Pension Wise to carry out more detailed fact-finds for people wishing to sell their annuities.

The regulator said it wants pension guidance providers to ask for people's financial and personal circumstances before helping them come to a decision on whether or not they want to sell their guarantee retirement income. The proposals came in the wake of the government's decision to allow consumers to sell their annuities from April 2017, as long as their annuity provider agrees. The FCA is responsible for setting and monitoring Pension Wise delivery standards, having set initial rules in March 2015. In a consultation published on 6 September it proposed future guidance sessions s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Advisers revisit processes after FCA's retirement income review

Advisers revisit processes after FCA's retirement income review

Thematic Review of Retirement Income Advice released in March

Jenna Brown
clock 16 September 2024 • 2 min read
Two firms declared in default by FSCS over pensions advice

Two firms declared in default by FSCS over pensions advice

Both Oakwood Financial Management and GO IFA are no longer trading

Isabel Baxter
clock 11 April 2024 • 1 min read
FCA lays out 2024/25 fees/levies proposals; £755m planned spend

FCA lays out 2024/25 fees/levies proposals; £755m planned spend

‘We recognise that firms continue to face inflationary pressures’

Hope Coumbe
clock 09 April 2024 • 4 min read