As Prudential is fined £24m for its former practice of selling annuities to customers without encouraging them to shop around, there are signs that these retirement products are becoming better value – for those who choose wisely. Article by Nick Green. The financial regulator has penalised Prudential for sales practices that occurred pre-2013, for not offering consumers the choice of retirement products they were entitled to. Savers who belonged to Prudential pension plans were targeted by the firm’s annuity sales teams, who were incentivised with bonuses and other perks to sell Prudential annuities directly to the customers.
By law, pension […]
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