Nigel Waterson, chairman of the Equity Release Council, said it was important that advisers took steps to consider clients’ entire wealth when helping them plan their income in retirement rather than focusing on pensions and investment options without considering the potential to free up cash from their home.
In most cases IFAs who advise on retirement planning hold permissions to give advice on pensions and investments but few of these advisers also hold equity release permissions from the FCA.
Waterson said: “Housing wealth is becoming an increasingly useful source of retirement funding, and one we believe more people would benefit from considering alongside their pension savings as they plan for later life.
“Part of our discussions with both regulators and government is to explore how best to help consumers take a more joined up approach and get the most from their various assets once they retire.
“One option is using the Pension Wise service to encourage homeowners to think about the option of equity release, and point them towards advice from qualified experts who can make an assessment of suitability based on their current and future individual circumstances.”
