IFAs still cautious about equity release, warns GE Life

Demand for equity release products is likely to be driven by several factors including demographics, client need and the savings gap, which could reach as much as £125bn by 2009, claims the provider. However, the firm also warns intermediaries need to be careful to avoid the market becoming the next mis-selling scandal. GE Life says around 55% of IFAs are wary of the equity release market because those taking out such products are more vulnerable to mis-selling and there is also a genuine lack of understanding of the products. Moreover 19% of intermediaries say they would not advise on...