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BRIEF-Standard Life says UK's FCA asks for review of annuity sales
October 17, 2016 / 3:32 PM / a year ago

BRIEF-Standard Life says UK's FCA asks for review of annuity sales

Oct 17 (Reuters) - Standard Life Plc :

* Thematic review of annuity sales practices

* At request of FCA, co will conduct a review of all non-advised annuity sales from July 2008

* Review to identify whether our customers received sufficient information about enhanced annuities to make right decisions about their purchase

* Says not yet possible to determine a reliable estimate of quantum of any redress associated with this process

* Annual report 2015 noted a contingent liability in light of potential for a requirement to compensate customers flowing from FCA’s review

* Possible that financial impact may be mitigated by our group professional indemnity insurance Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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