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Advisers hit out at KRS ‘free’ non-advised annuity service claim

Advisers have hit out at Key Retirement Solutions after the broker removed a claim it provides a “free” non-advised annuity service on its advert – more than a year after the firm said it had amended its literature.

Money Marketing discovered that when retirees clicked through to a KRS Google advert, they were directed to an annuity calculator with an ‘About Us’ section.

In the section the first bullet point states: “Our service is completely FREE to you as we receive payment from your chosen provider.” KRS removed the line after being contacted by Money Marketing.

Last year, KRS changed the Q&A section on its website which said the service would cost retirees “absolutely nothing” after it was highlighted by the media.

Syndaxi Chartered Financial Planners managing director Robert Reid says: “You should have a register of all your promotions and a script so if you change anything then you change it in all the right places. It shows a bad process in place. The question is how many people have relied on it so far? I think KRS would have to do a review.”

Evolve Financial Planning director Jason Witcombe says: “There is still a lot of inconsistency about the way fees and commission are presented on different products. There are lots of people who say they don’t charge a fee for protection, annuities and mortgages but they receive a commission.”

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