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Equity release to be fully advised

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30/10/2012
After the Mortgage Market review is implemented in April 2014, all equity release customers will have to be advised.
Equity release to be fully advised

The FSA has announced equity release customers will be unable to opt-out of advice, although naturally consumers may reject advice and pursue their own path, but the regulator believes that the standards imposed by the industry trade body would mean few equity release products could be sold on an execution-only basis.

Equity release has been classed as a vulnerable customer category by the FSA, alongside debt consolidators, sale and rent back and right to buy customers.

Concerns were raised that by forcing all equity release sales to be advised the suggestion was that elderly clients are less financially capable, which the regulator rejected.

 

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