More work needed on equity release says FSA

The FSA claims its second review of the lifetime mortgage market, designed to check progress since a similar exercise at the start of 2005, has found performance varied significantly between firms. And in his most strongly worded warning to intermediaries to date Clive Briault, managing director of retail markets at the FSA, says there is “no place in this market for firms that do not develop the necessary skills and do not implement appropriate systems to ensure that they give suitable advice.” And that the regulator expects firms to either commit to “delivering quality advice or to refe...