The Financial Conduct Authority (FCA) has discovered poor practice on all annuity price comparison websites, with 12 out of 13 found to have breached TCF rules.
Its thematic review into the market investigated the failing open market option as well as other facets of the annuity space, including the burgeoning comparison website market. The FCA looked at 13 annuity price comparison websites. The sites compare different annuity rates and allow people to buy a contract direct from a provider. It found 12 of the websites probed failed to meet its treating customers fairly requirement, with none of them providing enough warnings to consumers. The regulator said there was lack of clear information and an "underplaying of the significance of buy...
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