The Financial Conduct Authority (FCA) is undertaking "exploratory work” to understand equity release and later life mortgage lending over fears improper advice may have been given to older clients.
PA understands the regulator's supervision team is investigating the equity release sector and mortgage lending to older borrowers as it fears they could have been given incorrect advice. This is Money reported that the FCA has been engaging with firms to help it ‘better understand the market' to reduce ‘any potential harms'. The investigation follows several report findings which revealed financial products designed for older borrowers have not been fit for purpose and that retirees could be steering towards less suitable deals. The equity release market experienced its busiest qu...
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