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”.
