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Insurer to review sales

Standard Life may have mis-sold annuities

Standard LifeStandard Life is reviewing its annuity sales since July 2008 to identify whether it mis-sold them to customers.

It says it is not in a position to put a value on any compensation that may be due but the financial impact on the group may be mitigated by indemnity insurance.

Last week the Financial Conduct Authority (FCA) said that about 90,000 people should be compensated for being given a bad deal when they bought an annuity between 2008 and 2015.

Standard Life admitted it is one of the firms which is sifting through its annuity sales over the period, to see who might be eligible for a payment.

The FCA wants Standard Life to review whether it gave customers in poor health enough information when it sold them pension products.

“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,” the it said in a statement.

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

 



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