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Which? to launch advised and non-advised annuity service


Consumer organisation Which? plans to launch a non-advised annuity shopping around service alongside a new annuity advice offering.

Which? has confirmed it is developing a new service, called Which? Annuity Advisers, that will offer advice on products from across the annuity market.

Which? says savers who use the new service will also have the option of buying an annuity without receiving advice. The non-advised annuity service will provide users with quotes from the whole of the market.

A Which? spokesman refuses to confirm how much consumers will pay for annuity advice or whether it will receive commission from providers through the non-advised service.

The spokesman says: “Which? is developing an annuity advice service to help consumers find the best solution for their retirement income.

“This will include a free website with practical, jargon-free information as well as paid-for, personalised and unbiased annuities advice from impartial advisers working across the whole of the market.

“The non-advised offering will provide all of the necessary quotes and information for consumers, as well as the ability to transact.”

Which? has not yet set a date for the launch of the service.

Which? Annuity Advisers is a trading name of Which? Financial Services, the organisation’s FCA-regulated advice arm. Which? has offered a mortgage advice service since November 2010, and began referring customers to LifeSearch for protection business in January.

Which? Financial Services currently employs 35 mortgage advisers.

Worldwide Financial Planning IFA Nick McBreen says: “I am very concerned that Which? is looking to do both non-advised and advised because non-advised is a nightmare.

“Even with advice, if you are just looking at annuities, there is still a risk the customer will end up with the wrong product.”


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There are 8 comments at the moment, we would love to hear your opinion too.

  1. Are ‘which’ going to recommend that client’s do not take an annuity if the adviser believes another type of product would be more suitable?

    Are they just as likely as as any other firm to pay the price for misselling? Some types of businesses seem to get a lot more leeway than others, when it comes to the regulator, although that could be my imagination.

  2. Equitable Life regularly featured top of “Which” with profit best buy table.

    Nuff said!

  3. The FCA need to sort out once and for all, this advised / non advised, independent / restricted crap

    It confuses the hell out of me, let alone how a consumer makes head nor tale out of it ?

    The whole industry is in a right mess, there is a lot wrong and very few things that are right.

  4. This is god news because when the next bucket of filth is dropped on the adviser community, Which? will get their share.

    Consumers will see that they are not a ‘consumer champion’ just a seedy little publishing house ever looking for new revenue streams.

  5. How they provide unbiased Which? commentary on financial matters when they are involved in advice etc.

    Surely there is a massive conflict of interest here?

    Also why are they refusing to disclose what they will be charging?

  6. It has been said Which? are charging £1500.00

  7. So this is the modern Which? the consumer champion that is involved in the markets it reports on.
    What with selling it’s name to promote products it is time this outfit was pensioned off.
    Conflicts of interest on pretty much everything it does.

  8. David Stoddart APFS 6th September 2013 at 9:01 am

    Let ‘which’ offer a comparison site as long as they state that it is not advice that they are getting. Providing the best rate is not advice. Assessing a client’s situation i.e. income need now and in the event of death, risk etc and recommending how they should shape their annuity, drawdown etc is the value we as adviser’s offer.

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