He said: "Our concern was about ensuring good outcomes and the right level of protection for customers. Selling back an income for life would have been a major decision needing crystal clear advice and in many cases may not have been in the customer’s best interests."
Andrew Tully, pensions technical director at Retirement Advantage said the firm did not spend any money on the secondhand annuity market project.
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He told FTAdviser: "As there were so many outstanding issues we had held off making any decisions or committing to any work. So the only outlay was some time - for me and a couple of others - keeping up to date with the developing situation."
ruth.gillbe@ft.com
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