The Financial Conduct Authority (FCA) has warned of adviser failings when it comes to advising on equity release.
In an update on a multi-firm review into later life lending, issued on Wednesday morning (17 June), the regulator highlighted a number of areas of concern when it came to advising on equity release. The FCA found advice given by firms did not always sufficiently take into account consumers' personal circumstances, consumers looking at equity release were not always challenged by firms and firms were not always able to evidence that their advice was suitable. It found on some occasions advisers had largely adopted a form-filling approach to fact findings, and in most circumstances cust...
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