LATER LIFE 7
FCA publishes findings from lifetime mortgage advice review
Important Information All Firms
We wrote out to firms earlier this year HERE about the FCA ’ s intention to restart a review into the quality of advice in relation to lifetime mortgages . The FCA has now published its findings HERE , highlighting action that needs to be taken to ensure good outcomes for later life mortgage borrowers .
The review looked at the largest firms that operate in this area , responsible for around half of lifetime mortgage sales , and they were disappointed with what they found . In particular they highlighted failings in financial promotions ( advertising ) and the suitability of advice . The publication reminds firms that the Consumer Duty is now in force and firms should be able to demonstrate that they are focusing on achieving good outcomes for consumers .
Download the full update here >
Should you have any queries , please contact the Compliance Helpdesk on compliance @ simplybiz . co . uk or 01484 43 91 20 .
Kind regards ,
Kris Armstrong Compliance Policy Manager