HSBC's plans to pilot an equity release service in conjunction with specialist provider In Retirement Services has met with concern on its lack of independent financial advice.
The pilot service which starts on Friday will see HSBC writing to around 200,000 customers to introduce them to In Retirement Services through the new HSBC Equity Advance Service. As the first high street bank to move into the equity release field, HSBC says the service aims to test the appeal of lifetime equity release products amongst customers which meet specified selection criteria. Over 50 HSBC branches will be involved in the pilot, where staff can introduce customers to the scheme providing they meet the selection criteria by being over the age of 70 and owning a home worth at le...
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