"With five of the most influential trade bodies in this market banding together to create this insightful piece of work, this is a huge step forward for the industry"
The information has been produced by The Association of Mortgage Intermediaries (AMI), Building Societies Association (BSA), Equity Release Council (ERC), UK Finance and The Investing and Saving Alliance (TISA).
The leaflet aims to help ensure that consumers receive consistent messages from all the main sectors of the industry in a clear and easy-to-use format to help them find the most suitable later life products and advice and more clearly understand what their next steps are.
Each trade body will promote this information through their physical and digital channels, with the ambition that this a step towards more collaboration across the industry for the benefit of consumers.
Robert Sinclair, chief executive of the AMI, commented: “AMI has worked in partnership with UK Finance, the ERC, the BSA and TISA to add what we consider to be an important impartial short leaflet that can be used to explain available options to consumers in simple language.
"We hope that his will be an enduring partnership to assist many who are vulnerable to navigate complex options with basic facts. All firms and advisers are free to use this and it is accessible on all the trade bodies websites.”
Will Hale, CEO of Key, added: “The later life lending industry is growing and taking its rightful position in the range of lending options for homeowners. However, it can be difficult for customers to fully understand all of their options at the start of their journey which is why this new guide is so valuable. At Key, we are considering what role this guide might play as part of our customer engagement process and how it can support our ambition to support a wide range of customer needs.
“With five of the most influential trade bodies in this market banding together to create this insightful piece of work, this is a huge step forward for the industry and hopefully a sign of more collaboration in the future.”