Standard Life is to review all of its non-advised annuity sales dating back to 2008 at the request of the Financial Conduct Authority (FCA).
The regulator published its review of non-advised annuity sales on Friday, saying it had found no evidence of an industry-wide failure to provide customers with sufficient information about enhanced annuities through non-advised sales. The FCA's concerns, however, were born out of sales from a "small number" of firms where communications took place orally, usually over the phone, which were likely to have resulted in some customers purchasing a standard annuity when they were eligible for an enhanced product. The review assessed more than 1,200 non-advised sales at seven different f...
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