The Association of Mortgage Intermediaries has launched a web page for members providing information on equity release products and a "good practice" factsheet.
Ami says it is keen to keep its members up-to-date with issues surrounding equity release because they are complex products and the standard of advice given to consumers about them needs to be raised.
The results of the work carried out by the Financial Services Authority (FSA) - published in May 2005 - identified failures in the areas of information gathering and in evidencing suitability of recommendations.
As a result, the FSA is repeating its mystery shopping exercise this month on a much wider scale and Ami warns those offering advice on equity release to ensure they are up-to-date with key messages from the regulator.
It says its web page is designed to help keep its members informed on developments and is a “one-stop-shop” for advisers, bringing together information on equity release by various organisations.
Meanwhile, the factsheet provides members with information about the equity release market and guidance in meeting the regulatory standards required when giving advice in this area.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].
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