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Pensions: Compensation for those mis-sold annuities
Pensions: Compensation for those mis-sold annuities
This is a duplicate of the Blog Entry made on: 14th October 2016 20:16
This is a duplicate of the Blog Entry made on: 14th October 2016 20:16
Thousands of people in ill-health have been mis-sold pension annuities - an annual retirement income - and will be compensated, a regulator says.
An estimated 90,000 people were not told they could shop around or receive an enhanced annuity, the Financial Conduct Authority (FCA) said. Enhanced annuities give people in poor health a better deal owing to their shorter life expectancy. Compensation amounts to £120 to £240 for each year they had the product. The FCA said it had unearthed concerns when firms spoke to customers on the phone. This led some customers to buy a standard annuity when they may have been eligible for an enhanced product that offered a better deal. Those eligible would include people with health problems such as smoking related illness....Read more here
An estimated 90,000 people were not told they could shop around or receive an enhanced annuity, the Financial Conduct Authority (FCA) said. Enhanced annuities give people in poor health a better deal owing to their shorter life expectancy. Compensation amounts to £120 to £240 for each year they had the product. The FCA said it had unearthed concerns when firms spoke to customers on the phone. This led some customers to buy a standard annuity when they may have been eligible for an enhanced product that offered a better deal. Those eligible would include people with health problems such as smoking related illness....Read more here