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MAS removes annuity advice statement following IFA outcry

MAS removes annuity advice statement following IFA outcry

The Money Advice Service (MAS) has removed a statement on its website telling consumers seeking annuity advice to use a firm with over 25 staff, following a debate on the New Model Adviser® blogs.

Up until 31 January the MAS website said: ‘Finding a specialist annuity broker isn’t as straightforward as there are no directories that list them. The best way to find one is to search the internet and check that they run a dedicated annuity team of at least 25 staff.’

On a story about the Financial Services Authority (FSA) investigating annuity pricing a number of advisers commented on New Model Adviser® about the MAS statement.

The following day it had been taken off the website.

Kate Brookes, of Wiltshire-based IFA firm Jones Hill, said: ‘There are very few companies out there running a dedicated annuities staff of 25 amongst IFAs.

‘It illustrates to me is how little MAS understands us and our industry, and how we work and how little the FSA understands about us. ‘

‘The change illustrates a little more consultation with us would be a good thing as they were advising the public to go and look for something that doesn’t exist.’

A spokeswoman for MAS said: ‘The copy was amended today on our website’.

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