The Equity Release Council (ERC) has introduced guidance to help its members to comply with the Financial Conduct Authority’s (FCA) Consumer Duty that comes into effect on 31 July.
Launched today (1 March) the guidance focuses on fair value - part of the price and value outcome -which it explained was one of the most important areas of Consumer Duty for the mortgage industry, including the equity release sector. The guidance is made up of three sections entitled: introduction to a fair value assessment; completing a fair value assessment; and governing a fair value assessment. It is aimed at provider and adviser firms and was produced with the support of a global advisory firm, according to the ERC. Head of risk, policy and compliance Kelly Melville-Kelly sai...
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