Following research by the FSA on lifetime mortgages last year, and in anticipation of further mystery shopping exercises being undertaken in the lifetime mortgage sector, AMI has produced a ‘good practice’ factsheet and dedicated web page on the issue.
The trade body has confirmed the website will be regularly updated with information on equity release, with links on the site to AMI, the FSA and consumer bodies.
Examination requirements and qualifications within the lifetime mortgage sector will also be published on the site, in what is hoped will be a one-stop shop for equity release guidance for the AMI membership.
Chris Cummings, director-general at AMI, confirmed the FSA would be looking hard into the equity release market in 2006, with the AMI website able to provide assistance and information to members dealing in the lifetime sector. He commented: “It is one of our biggest priorities to aid brokers and improve understanding and quality of advice in the equity release sector. Enforcement is high on the FSA’s agenda and we, as an industry, have to work together to improve standards.”
Andrew Megson, sales director at Just Retirement, welcomed the move to increase broker knowledge in the sector and admitted any information available would help the broker community. He said: “Without doubt anything that improves peoples understanding of equity release is a good idea. We are completely supportive of AMI and AIFA initiatives to help its members in the area of equity release, and the website should be welcomed.”
Dean Mirfin, business development director at Key Retirement Solutions, added: “It’s a great idea but people need to be sure the information is not being rushed out, and all the relevant people are consulted.”
