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Non-advised annuities review

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Non-advised annuities review

Financial Conduct Authority's thematic review of non-advised annuities

At the Financial Conduct Authority’s (FCA's) request we carried out a review of our annuity sales process for groups of our non-advised customers.  The outcome of that review showed that we did not always explain well enough that some of our customers may have been eligible for an enhanced annuity, and some customers may have lost out as a result. We are therefore conducting a past business review of in-scope annuity sales in the period 1st July 2008 to 31st May 2016.

We continue to work with the FCA to ensure the annuity review is conducted in a way that means customers get the right outcome. This on-going dialogue includes our approach to reviewing customer records and the calculation of any redress due as a result of this review. We expect the annuity review to be fully operational during 2018 and will start writing to affected customers at that time.