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MMR: All equity release sales to be advised

Equity release consumers will not be able to opt-out of receiving advice, the Financial Services Authority has proposed in its Mortgage Market Review consultation paper CP11/31.

Yuan Phoon, 19 December, 2011

However they will be able to reject the advice once it has been given and buy the product they want on an execution-only basis.

In order to do this the consumer needs to know the terms of the product they want with no need for further discussion or information from the intermediary.

This information differs from what the FSA expects both lifetime mortgage and home reversion consumers to know in order to proceed on an execution-only basis.


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