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FSA plans further crackdown on lifetime mortgage advice

The FSA has identified four priority areas in a bid to improve the quality of equity release advice including more mystery shopping this spring.

It has pledged to assist firms with meeting their regulatory responsibilities, and it plans another mystery shopping exercise and a review of lifetime mortgage advice and subsequent investment advice.

It has hired a research agency to undertake pilot work for the next round of mystery shopping due this spring.

In its proposed review of investment and lifetime mortgage advice, the FSA will visit firms to discuss their approach to conducting equity release business and to carry out client file reviews to assess suitability.

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