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MMR: Equity release to be single market

Lifetime mortgages and home reversion plans will be regulated in a single market instead of two separate sectors, the Financial Services Authority has announced in its Mortgage Market Review consultation paper CP 11/31.

Yuan Phoon, 19 December, 2011

Currently the two equity release products, lifetime mortgages and home reversion plans, are regulated as two separate niche sectors.

The FSA said the market sees these as substitutable products and it is therefore proposing to create a single Equity release market to reflect this.

This will mean that under the FSA disclosure proposals, intermediaries must explain to consumers that their service is restricted if they only offer one of these product types.


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