Many banks, insurers, pensions and investment companies have changed their business models over the years or sold off parts of their business to another company. For example a bank or mortgage company may not offer equity release so automatically 'introduces' you to another firm.
A pension company, that used to offer annuities at retirement, no longer offers annuities so automatically 'introduces' you to another annuity firm.
You just get a quote (with commissions disclosed in the small print) and said original bank, pension, investment company gets a share of the commission by doing nothing.
You potentially receive a less competitive plan than you may have got (had you gone to an IFA) and as 'no advice' was given, you have little or no comeback.
We've called it the "Banks & Insurers Introducer Con" ... get advice from a professional financial adviser.
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