AMI is keen to keep its members up-to-date with issues surrounding equity release as these are complex products and standards surrounding advice given to consumers on them need to be raised.
The results of the work carried out by the FSA on lifetime mortgages (published in May 2005) identified failures in the areas of information gathering and in evidencing suitability of recommendations. As a result, the FSA is now repeating its mystery shopping exercise (starting this month) and is carrying this out on a much wider scale.
Those offering advice on equity release need to ensure they are up-to-date with key messages from the regulator. AMI’s equity release web page is designed to help keep its members informed on developments and provide a one-stop-shop for advisers, bringing together information on equity release produced by various organisations.
Links to information published by AMI, the FSA and consumer bodies, as well as information on examination requirements and equity release qualifications, can be found on the page which will be regularly updated.
