IRESS and Age Partnership offer ER referrals
People using IRESS’ The Exchange will be able to access Age Partnership’s whole-of-market service if they want to get involved in equity release but don’t hold the necessary qualifications to offer advice themselves.
Adam Carnall – head of partnerships, Age Partnership, said: “We are delighted to offer IRESS’ The Exchange users a service where they can refer with confidence.
“The upcoming pension changes, and the freedom that this will bring retirees, means that equity release will become an increasingly mainstream product over the coming years, and we are pleased to help advisers and brokers offer this to their clients.
“All the signs are there for the equity release market in 2015 to significantly outgrow what was already a fantastic 2014, where sales were up 29% from the previous year.
“So far in 2015 we have already seen significant interest rate cuts and the launch of an important new brand with L&G announcing their entry into the market.”
Age Partnership’s advice can be provided either entirely over the phone, or face-to-face through its network of advisers.
Dave Miller, executive general manager (sourcing), IRESS, said: “Given the changing at retirement landscape, it’s crucial that consumers understand the full extent of their financial options – and equity release is a product that will be suitable for many.
“Our analysis of ONS data shows that over 55s in the UK currently have a collective property wealth of £2.1bn, so it is clear that there is scope for the market to grow.
“With the new pension flexibilities, we could see demand increase as consumers look to supplement their pension pots, or spend their current long-term savings too quickly.
“With this in mind, the referral service will help advisers provide their clients with quality advice on the product, even if it is not their specialism.”