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In fact, according to a 2003 survey of immediate annuity owners by the American Council of Life Insurers (ACLI), more than a quarter of respondents (27%) were ‘concerned they may be unable to sell their annuity if they want the money for something else’ and 4% believe the decision to purchase an annuity was a poor one. It has little practical impact in protecting your private information and leaves companies with another vague regulatory requirement.

The upshot appears to be that the current situation is one of caveat emptor, or ‘let the buyer beware’. The most cost effective part of a products journey is from the shelf to the checkout, we rely on the consumer to carry out this handling process.