FSA publishes lifetime mortgages guide

The guide follows thematic work carried out in the mortgage industry by the FSA last year, which found while some firms had reviewed their processes since earlier work in 2005, there was significant variation between firms. For example, good practice seen during the sales/advice process included advisers recommending their clients not to take out a lifetime mortgage in they had funds available elsewhere. This is because the client could use their existing funds rather than releasing equity, which would incur costs. In addition, better examples of suitability letters included an assess...