More 2 Life: equity release “warrants a different approach”

According to Jon King, managing director at More 2 Life, the equity release sector is not being treated in a satisfactory way by the Financial Services Authority (FSA).

Mr King told Mortgagestrategy.co.uk: “Avid readers of what now amounts to a library of documents produced by the Financial Services Authority will no doubt have seen the three consultation papers that constitute the Mortgage Market Review.

“Much comment has been made on their potential impact on mainstream mortgage advice but far less has been said about what might be described as the potential effect to equity release.

“The FSA states that based on information it previously gathered via the Mortgage Effectiveness Review, it can see no reason why the new proposals should not apply equally to equity release.

“I strongly believe the sales process in equity release varies significantly from mainstream mortgages so warrants a different approach.

“Whatever your opinion, make it count by giving the FSA your comments. You have until February 25, 2011.”