Simply Lifetime has launched a guide for intermediaries on the new FSA rules to selling Lifetime Mortgages.
Called 'Enlightenment', it explains how the sales process will differ under the new FSA rules, specifically looking at how suitable advice must be given. It is also aimed at lenders and distribution networks examining how the new rules will impact on their business.
James Mayne, compliance partner at Simply Lifetime, says: “Research has shown that many intermediaries are having problems navigating the FSA regulations and they would clearly benefit from a no-nonsense guide that throws light on the subject.”
The guide has been endorsed by the Council for Mortgage Lenders. Jackie Bennett, senior policy adviser, says: “The CML welcomes the fact that lifetime mortgages will be regulated under the new FSA rules that take effect from October 31. The guide will help intermediaries understand the requirements of the new regime.”
Alastair Waldron, partner at Simply Lifetime, says: “Simply Lifetime is 100% dedicated to the lifetime mortgage market and wants to see this market grow and develop a better service for the customer. This guide is an important contribution to that objective. This is a unique category that deserves specialist input.”