Roundtable to discuss how equity release can be improved

Published on

conference-mic

The Financial Services Consumer Panel and StepChange Debt Charity are co-hosting a roundtable discussion on the equity release market today.

The roundtable will provide a forum for consumer and industry experts to explore how the equity release market can be improved, so that older consumers can have advice about whether equity release is the right choice for them, access to a range of quality products, and help in finding one which is suitable.

The roundtable will also highlight recent research findings by the University of Essex which looked at the financial and legal advice consumers receive when purchasing equity release products.

Teresa Fritz, Consumer Panel member, said: “We hope that this discussion sparks a new debate. A debate about good quality equity release products which meet the needs of consumers, as well as effective competition which delivers good consumer outcome”.

Tom Moloney, StepChange Equity Release manager, added: “The demand for equity is release is almost certain to grow in the coming years and the industry needs to ensure that consumers are given access to better quality advice and better value. Today’s discussion is a welcome opportunity to discuss how the industry can innovate and move forward, in order to better meet the needs of consumers”.

Lorna Fox O’Mahony, Professor of Law at University of Essex said: “Our research has indicated that while financial advice is effective for some equity release consumers, it is least effective for consumers who are less well off or who release equity under financial pressure.

“Across our study, there was no clear evidence that legal advice delivered consumer protection benefits in equity release decision making”.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...