Dean Mirfin, business development director at Key Retirement Solutions, says: “One of the biggest problems is that lenders are not communicating with intermediaries. We haven't seen the new illustrations, which we need to do before October 31. There is no clear timetable coming from providers.
“We are having to chase lenders and providers to see what is happening. Perhaps we are asking to see the KFIs too early but at the moment this is happening right across the board with none of the lenders giving us a specific date when KFIs will be available.”
But one of the largest equity release providers, Norwich Union, says it is comfortable with the progress being made.
Brendan Kearns, product development manager for equity release at Norwich Union personal finance, says: “We are busy – probably like the rest of the industry is – working away to deliver KFIs by Mortgage Day.
“We will be starting a testing process soon with IFAs. We are not showing the KFIs to all IFAs but we will be taking examples round the key figures in equity release and talking to these people face-to-face.
“We have our first appointment scheduled for October 5.”