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Cooling-off plan for all drawdown investors

The FSA is planning to introduce a cooling-off period for everyone buying an income-drawdown policy.

Previously, only clients exercising an open market option benefited from a cancellation period. This meant that policyholders buying a plan from their pension provider did not have this option.

The FSA makes the proposal in its latest Miscellaneous Amendments to the Conduct of Business rules, published last week.

IFAs welcome the move as they say a large amount of drawdown business is still done on a tied basis through consumers&#39 existing pension provider.

The Annuity Bureau director Ronnie Lymburn says: “This is a significant move. There is still a large amount of drawdown business written by insurance companies just roll-ing over their book. I think this is sort of pushing out the boundary a little bit to the benefit of consumers.”

Axa head of pensions marketing Steve Folkard says: “We would welcome this change as we have always given consumers the opportunity to change their minds along the principle of best practice.”

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