Equity release lender More 2 Life has welcomed the recent move by the Financial Conduct Authority [FCA] to support additional training to help get more advisers to consult on equity release.
Stuart Wilson, channel marketing director at More 2 Life, said: “We have long been calling for more advisers to enter the later life lending market and it is pleasing to see that the FCA is finally starting to take heed of this. We entirely support the FCA offering advisers additional training in order to help them advise on equity release. Training is crucial for this market. Over the years it has gone from being a somewhat niche market to a specialist sector therefore meaning we require advisers who are able to specialise in equity release solutions.
“If an adviser is not yet at the stage where they can offer the advice themselves they can pass this on to a specialist advisory firm to ensure the client gets the right option. What we don’t want to see is ‘dabblers’ entering this market and ruining it for all.
“We hope the FCA’s Ageing Population project will look to address the issue of retirement planning and look to integrate equity release into retirement planning, whereby all retirement options should be fully considered.
“Many consumers are entering retirement saddled with debt and stress. Retirees are often not aware that the wealth in their property is accessible without the need to downsize and sell their family home. However, advisers need to be speaking with their clients and making them aware of this.”