View more on these topics

Call to ban phone advice riddled with self-interest

It was both surprising and disappointing to read last week on Mortgage Strategy Online that the Society of Equity Release Advisers and its chairman Simon Chalk have chosen to call for a ban on telephone-based equity release advice.

This is an uninformed view, riddled with self-interest. Age Partnership is a growing equity release intermediary business that provides all its
advice over the phone.

This alone indicates that a significant proportion of clients prefer this option.

Chalk clearly does not understand the benefits of the phone-based model, which among other things allows every conversation between advisers and clients to be recorded and scrutinised for training and compliance purposes.

I believe there is a place for both phone-based and face-to-face advice in equity release. Ultimately, customer choice must be paramount.

Whatever model is used the important thing is that advisers ensure they have the appropriate systems and training in place to give clients clear, independent and honest advice.

Comments of this sort are unhelpful to an industry that has faced many challenges in recent times and I hope both Chalk and SERA will review their position.

TIM LOY
CHIEF EXECUTIVE OFFICER
AGE PARTNERSHIP

Recommended

Base rate frozen at 0.5% yet again

The Bank of England’s Monetary Policy Committee has voted to keep the base rate at 0.5% and brought quantitative easing to a halt. The Bank has used up its £200bn budget on buying up government bonds in an attempt to boost the supply of money in the economy. It has spent £200.24bn so far. The […]

EIB gives small firms

The European Investment Bank has granted approval for more than £700m in funding for small firms.

Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]

Newsletter

News and expert analysis straight to your inbox

Sign up