Pensions: Compensation for those mis-sold annuities

Pensions: Compensation for those mis-sold annuities
 

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... read more

 
14 October 2016 in Business, Views: 39
Source: BBC
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