Amendments to the Bank of England and Financial Services Bill to be discussed at the Report stage in the House of Lords have been published. These include an amendment to:

  • require FCA to make rules requiring certain authorised entities to check that holders of a relevant annuity have received appropriate financial advice before they may sell their annuity;
  • give Treasury delegated powers to determine what a “relevant annuity” is, including what the threshold should be, how it should be calculated and whether it should take into account an individual’s circumstances; and
  • give the Treasury delegated powers to specify what is meant by appropriate financial advice.

(Source: Parliament Publishes Structure Bill Amendments and Government Plans Mandatory Annuity Advice)