Advisers Told To Improve Homeowner Equity Release Advice
Law360, London (June 17, 2020, 5:34 PM BST) -- The U.K.'s market watchdog sounded alarm bells Wednesday after it found some homeowners were being lured into expensive equity release plans without being given the proper advice.
Poor advice from equity release advisers may be causing 'significant harm' to some vulnerable customers, a review by the Financial Conduct Authority found.
The watchdog has been reviewing later life lending for consumers aged 55 and over, focusing on lifetime mortgages — which allow people to borrow money using their property.
The regulator found that some customers were not being given tailored advice, while others were being rushed through the process without the proper...
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