Review of later-life mortgages finds poor advice and misleading promotions

Sep 14th '23

In a review of later life mortgage firms, the Financial Conduct Authority (FCA) has worked with the largest firms to improve their advice processes and prompted the removal or amendment of almost 400 misleading promotions.


A later life mortgage is the most popular type of equity release catered to homeowners who want to release money tied up in their homes to help meet later life needs. These complex products are often sold to customers with a higher risk of being in vulnerable circumstances so it’s essential they are fully informed and receive suitable advice.


The review looked at firms responsible for around half of all lifetime mortgage sales. It found in many cases advice did not meet the standards expected. For example, a lack of evidence that sufficient consideration of consumer’s individual circumstances had been given and advice lacked discussion of alternatives.


Read full article, here.


Source: FCA


LS Consultancy is ideally placed to support firms of all sizes and types with our Financial Promotions review.


Need some promotional advice? If you want to understand more about how to make sure your marketing materials meet FCA standards, please click here.


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The regulatory regime around financial promotions is ultimately designed to protect all parties. It’s in everybody’s interest to follow the rules, both to protect clients from risky investments and prevent firms inadvertently becoming professional enablers and falling foul of the law.


This is a complex area so if you have any doubts about whether or not your promotion comes within an exemption, the safest option is always to get it approved by an authorised firm or get specialist advice.


In the first instance, you could contact us for general guidance.


If you are unsure about a particular case or scenario, you could consult the FCA’s Handbook or seek advice directly from an expert on financial promotions.


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