Standard Life annuity sales could cost firm 'up to £125m'

Follows FCA report on non-advised sales

Tom Ellis
clock • 2 min read

Standard Life could be facing up to £125m in redress after the Financial Conduct Authority (FCA) requested the firm review all its non-advised annuity sales dating back to 2008, according to investment banking group Jefferies.

On Friday, the regulator published a report in which it concluded there was no "systematic failure" in non-advised annuity sales following its review into 1,200 non-advised sales at seven different firms.  Despite its conclusion there was no industry-wide failure to provide customers with sufficient information about enhanced annuities through non-advised sales, however, the regulator has ordered a "small number" of firms to review their last eight years of non-advised sales and to provide redress where appropriate.  Yesterday, Standard Life revealed it was one of those firms and, in ...

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

FCA's vulnerability findings flag lack of tailored training and understanding

FCA's vulnerability findings flag lack of tailored training and understanding

Many firms had taken positive action but ‘areas for improvement remain’

Isabel Baxter
clock 07 March 2025 • 6 min read
FCA to undertake MPS Consumer Duty review

FCA to undertake MPS Consumer Duty review

Regulator recognises the sector has been ‘growing at pace’

Isabel Baxter
clock 26 February 2025 • 2 min read
FCA ongoing services wish lists: 'Advice shouldn't be like a car tax reminder'

FCA ongoing services wish lists: 'Advice shouldn't be like a car tax reminder'

FCA urged to adopt a 'more principled and realistic approach'

Jen Frost
clock 25 February 2025 • 3 min read