Annuities
Finally, annuities are back on the table, and increasingly so at annual review.
Not moving someone to an equivalent income, guaranteed not to fall or stop, could definitely fall under the avoiding “foreseeable harm” rule if you are not reaffirming reasons for drawdown.
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Overall, I am no more concerned about the consumer duty than I was, in regard to my business.
On an industry scale I fear it is causing slower service, I suspect it is increasing the cost base of larger firms and I believe it will widen the advice gap, as every client will need to be demonstrably profitable.
I hope it is worth it.
Greg Neall is a chartered financial planner at Wake up your Wealth
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