It will enable advisers to venture safely into this complex area by providing their customers with access to fully qualified and experienced specialists within four approved equity release master brokers: Age Partnership, Key Partnerships, Responsible Life and Largeequityrelease.com
These firms will review the customer’s circumstances, carry out extensive research and provide a detailed personal recommendation, whilst also taking full regulatory and professional indemnity responsibility.
The equity release market has more than doubled in size over the last five years, from £788m in 2011 to £1.61bn in 2015. The new service will help advisers to meet this increased demand from customers, particularly those advisers who are either not authorised to give equity release advice, or are authorised but do not want to take on the additional risk and responsibility of writing this type of specialist business.
Jane Benjamin, Head of Lender Relationships at Sesame Bankhall Group commented: “The equity release market continues to grow due to the needs of many asset rich but income poor older homeowners, but it is a highly complex and emotive area. By introducing business advisers are avoiding any risk and liability associated with writing this business themselves; whilst at the same time enhancing their service to customers through referrals to experienced specialists in this area.
We have conducted a thorough review of the market in order to ensure we partner with specialist brokers who share our commitment to servicing the intermediary market and can offer our members and their customers an efficient process and quality solution. Our new equity release service is an extension of our recently launched specialist lending panel, which together provides an all-encompassing solution for advisers and their customers.”
