Annuity sales soared 46% in 2023 to £5.2bn but only a minority of people took advice before buying one, according to ABI data out today.

Nearly one in four UK adults (23%) say they would never seek financial advice, even if it was free.

New research by the ABI has revealed that 76% of the people it included in an advice 'experiment' made decisions leading to a better financial outcome when guidance was ‘personalised’ to an individual’s circumstances.

The FCA’s Advice Guidance Boundary Review adds uncertainty rather than removes it, Chet Velani, managing director of Financial Planning fintech EV Financial Solutions has warned.