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‘Car dealers may soon be offering release’

In Retirement Services head of business development Frank McCann says equity release could soon be distributed via credit card companies, utility firms and even car dealerships.

McCann believes tradit- ional distributors such as IFAs and high-street banks will increasingly come under threat from new affinity deals with providers, which could also include debt management, travel and retirement village companies.

He says: “The industry needs to think about where retired people are going. Many will change their car so why not look at reputable dealerships? This already happens in Australia. Credit card companies are an obvious avenue.”

Key Retirement Solutions business development director Dean Mirfin says distribution is likely to broaden but it will be a gradual change. Key is in talks with a number of firms that run retirement villages about setting up introducer arrangements.

Mirfin says: “It will be interesting to see how long the changes take. It is always a concern that advice is given and providers will have to have something in place.”

New equity-release specialist Stonehaven entered the market last week through a pilot with six intermediaries. Former Woolwich mortgage managing director Jayne Almond is chief executive.

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