SimplyBiz rolls out non-advised annuity referral service

Business and compliance support company Simply Biz has launched Simply Annuities, a non-advised annuity referral service.

The new offering, which went live to members of SimplyBiz and sister company Compliance First from 1 July, was created following feedback from adviser firms looking for a simple and expedient specialist annuity solution for those clients who were not comfortable paying an explicit adviser charge.

The service works exclusively with two partners: Annuity Line and Partnership. Both firms are offering enhanced service guarantees with a wide range of providers covering conventional, enhanced, investment linked and fixed term annuities.

Article continues after advert

Through Simply Annuities, annuity broker Annuity Line will offer a whole of market range and end-to-end customer service, including regular weekly updates for both the adviser and client. Referrals can be made over the telephone, by email or online.

Matt Timmins, joint managing director of the SimplyBiz Group, said: “There has been an increase in demand for a referral service for annuity business, particularly for smaller case sizes where clients may find it unpalatable to pay an adviser charge which looks disproportionate to their fund size and advisers are unable to reduce their standard fee due to the time involved, paperwork and risk.

“We believe that implementing this service will ensure more customers are able to go through the open market option route and will subsequently receive better annuity rates as a result.”