Warning FSA plans won't protect equity release customers

Last week, the FSA's consultation paper on the Mortgage Market Review included proposals to replace the obligation to issue an initial disclosure document with a requirement to disclose key information on how intermediaries are paid and for which services. The paper also includes proposals to introduce stricter qualification requirements for anyone selling mortgage products. However, SERA claims the proposals do nothing to enforce the provision of advice on both lifetime mortgage and home reversion equity release plans. It says the FSA's suggestion that equity release advisers must...