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KRS removes ‘free’ non-advised annuity service claim

Key Retirement Solutions has changed adverts referring to its “free” non-advised annuity service – more than a year after the firm said it had amended its literature.

Money Marketing has 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 and intends to replace it with different wording today.

The broker receives commission from the annuity provider on non-advised sales which can have an indirect influence on the price of a product.

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. At the time, advisers branded the wording on the website “misleading”.

Key Retirement Solutions managing director Dean Mirfin says: “This was a Google advertisement link to a standalone page. It wasn’t on our main website and it was to an old link.

“We have immediately removed that bullet point and today we will put in the correct wording.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. It shouldn’t take a journalist to point out to KRS that this is a financial promotions breach. Should KRS not have picked this up on their annual compliance audit. What else is amiss ?

  2. If KRS clients have relied upon that wording and have subsequently completed business, then they should be compensated. At the very least KRS should get in touch with all potential clients who might have been affected, Or maybe its already underway?

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