IFAs fail undercover equity release probe

According to consumer champion Which?, seven of 40 advisers probed did not ask for clients’ financial details while 23 failed to carry out the interview to the expected standard. Some failed to disclose or even mention fees, the study found, while one IFA told a client there was no chance of using up all the equity in a home “unless the customer lives to 150”. Posing as consumers, nine Which? researchers went undercover in April and May this year, armed with audio recorders. It visited equity release specialists and independent practitioners, recorded conversations and analysed the standa...