Setting a precedent

Through the TCF initiative, the FSA has established a principles-based compliance system, which must be embedded by senior management into every aspect of the product recommendation and implementation process. The TCF issue is of particular relevance to the equity release sector because at the key sales and advice stage, it is probable that consumers have in the past not been treated fairly, as they were not always given the option of taking out a home reversion plan, even if this product would have been more appropriate for them. The FSA set an April deadline by which firms should be a...