Standard Life to review non-advised annuity sales

In a thematic review, the FCA said that some customers were not provided with sufficient information and may have purchased a standard annuity when they were eligible for an enhanced product.

In a statement, Standard Life said: "At the request of the FCA, Standard Life will conduct a review of all non-advised annuity sales from July 2008 to identify whether our customers received sufficient information about enhanced annuities to make the right decisions about their purchase.

"It is not yet possible to determine a reliable estimate of the quantum of any redress associated with this process."

Last week, the FCA announced that a number of firms are being investigated by the FCA’s Enforcement Division to determine whether further action is necessary and that they would, where appropriate, be required to provide redress.

However the regulator confirmed that it found 'no evidence of an industry-wide or systemic failure' to provide customers with sufficient information about enhanced annuities through non-advised sales. The FCA found many of the firms provided clear and comprehensive information to customers with written communication tending to meet the standards required.