Regulatory Alerts2016-09-06
Pension Wise standards: changes for secondary annuity market guidance
The Financial Conduct Authority proposes updates to Pension Wise standards to extend guidance coverage to individuals and contingent beneficiaries considering selling annuity income on the secondary market. These changes mandate specific knowledge requirements for guidance providers and define minimum content for sessions to ensure impartial, high-quality advice on the risks and implications of such transactions. Additionally, the FCA introduces minor administrative adjustments to reflect the service's evolution, including allowing flexible multi-appointment sessions and updating references to the Department for Work and Pensions.
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