Prudential to review annuities

Prudential has said it will review retirement annuities sold after July 2008, and make payouts to pensioners where appropriate.

The review has been prompted by a probe into the industry generally by the Financial Conduct Authority (FCA).

The body raised concerns that the way some deals were sold could have caused some customers to buy a standard annuity when they could have been eligible for a product with a better rate.