The Government has axed plans for a secondary annuities market over fears about consumer protection in a surprise announcement late this afternoon.

The FCA has told Standard Life to review all non-advised annuity sales from July 2008 following a probe of the sector.

The Financial Conduct Authority is to order a number of firms to review annuity sales back to 2008 after finding evidence of “concerns” but says its review of non-advised annuity sales found no widespread “systemic” problems.

Aegon has announced a new annuity partnership with Legal & General, which means it will cease to write new annuities from the last quarter this year.