Pension annuity deals criticised by financial watchdog
The Financial Services Consumer Panel has published the findings of its research into the consumer experience of purchasing an annuity, which shows that the market does not work well for the majority of consumers.
One of the main concerns raised was the number of people taking out an annuity without receiving any financial advice, as this reduces consumer compensation when things go wrong.
Once an annuity is in payment it cannot be altered, so there is no second chance to put right any mistakes.
It has never been more important to take independent financial advice prior to making any decision on annuities.
Farrell Financial Planning offer independent financial advice on annuities and much more. Contact us today and discover how our annuity advice service could ensure your retirement stays on track.