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Financial Options will self-regulate drawdown

IFA network Financial Options is to self-regulate members conducting deferred annuity and income-drawdown business to prevent a possible misselling scandal.

The network, which has over 300 member firms and 600 registered individuals, fears many IFAs are unaware of how to give best advice on the complex issue. It is concerned that this could lead to accusations of misselling.

Financial Options says it is seeking to highlight what it claims is a lack of regulation of deferred annuities. A policy paper will be published later this month and implemented in February after consultation.

Members will be given a brochure designed to be used with clients when discussing phased retirement options.

The entire membership will also take part in a forum to debate the issue this month.

Sales and marketing director Andrew Bedford says: "Everybody is having to second guess what we are supposed to be doing. We just wish the regulator would give us a bit of feedback. We want to ensure our members are using best procedures now."

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