MSE as annuities introducer question

jamesd

Please tell me whether any annuity comparison sites or brokers that MSE acts as a paid introducer for have been instructed by the FCA to make changes and what those changes were.

The FCA found that in its study of 13 price comparison web sites every one of them had flaws that required action and twelve of the thirteen did not meet its core "fair, true and not misleading" requirements. It instructed the firms to make changes.

In the pensions need to know article MSE has a paid link to Hargreaves Lansdown, making MSE a paid introducer to the firm. Hargreaves Lansdown is quoted in the Financial Times this Saturday declining to say whether it was required to make changes.

A particular area of concern for the FCA was comparison sites that claim that their services are free when they are really paid for by commission. It is good that the MSE article makes it clear that commission is involved in general.

As well as the paid introducer case it would be good consumer advocacy to cover changes that the FCA has required from the other firms mentioned by MSE.

None of this should be taken as suggesting that MSE itself is in any way acting improperly or is influenced by receiving commission but, particularly where it is acting as a paid introducer, it also has some responsibility for the firms that it mentions. At least to the point of mentioning flaws in how they operate that consumers need to be aware of.

For more information about this, see:

FCA finds 'poor practice' on all annuity price comparison websites
Call to 'name and shame' annuity comparison sites