Julian Knight – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Julian Knight on 2016-10-19.

To ask Mr Chancellor of the Exchequer, what plans the Government has to assist people who are locked into inappropriate and poorly-paying annuity contracts.

Simon Kirby

The Financial Conduct Authority’s (FCA) thematic review of non-advised annuity sales practices looked at past sales practices, and found failings in a small number of firms, particularly in respect of the information they provide to customers about enhanced annuities (where customers may be entitled to an enhanced rate because of a health condition or lifestyle factor).

The FCA have announced their next steps, including investigation by the FCA’s Enforcement Division to determine whether further action is necessary. These firms are now being asked by the FCA to review all non-advised sales from July 2008 and, where appropriate, provide redress.