Regulator throws spotlight on equity release-style property products

Laura Miller
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The regulator wants to work with the industry on products to allow people to unlock money tied up in their property, Financial Conduct Authority (FCA) acting chief executive Tracey McDermott has said.

Speaking at a Treasury Select Committee hearing, McDermott praised financial services for its handling of pension freedoms, enacted in April just a year after they were announced by the government. But she said the sector needs to consider if it is providing "the right sort of products at the right stage" of consumers lives. This could mean products that allow people to access the value in their property, she said, but admitted equity release products have "an unfortunate history". "We're watching the market. There has been little by the way of new products coming onto the market. ...

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