By Chris Torney in Saga Magazine.
Chief City watchdog the Financial Conduct Authority (FCA) has said thousands of pensioners may be entitled to compensation after being mis-sold annuities.
In October 2016 the FCA published the results of its review into the way millions of annuities were sold between May 2008 and April 2015, in particular to customers who were in poor health.
Overall, the regulator said there was “no evidence of an industry-wide or systemic failure” when it came to the way that enhanced annuities – which are targeted at those with serious medical conditions – were marketed.
But the review did find that in some cases, deficiencies in sales processes meant that some individuals who could have received much higher annuity income through an enhanced deal were mis-sold their annuity, and ended up settling for low-paying standard annuities.
To read the rest of this story, click on the link below: