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Key unlocks equity release expertise

An industry-backed scheme to help advisers access equity release has been set up by Key Retirement Solutions.

Lifetime Advisory Services will launch in September and has been hailed by Key as pivotal to improving advisers’ expertise on equity release, after the FSA last month highlighted the problem of dabblers in the market who do not have adequate systems and controls in place.

LAS will provide training for individual advisers and give subscribers access to its fact-finding and suitability software to ensure advisers comply with FSA guidelines.

Training costs up to 700 per adviser and subscribing to the service costs 150 for a firm’s first adviser and 75 for each thereafter.

LAS is sponsored by five product providers – Prudential, Just Retirement, Bridgewater, GE Life and Mortgage Express. It has already signed up Chase De Vere Mortgage Management and is talking to another four or five adviser firms.

Key says LAS is ideal for advisers who transact at least three cases a month. It says sponsors will not have preferential treatment over other providers and insists they are just “doing the right thing”.

Business development director Dean Mirfin says: “This is about growing the market.”

Just Retirement sales director Andrew Megson says: “This is the best thing that has happened to the market in a long time.”

Association of Mortgage Intermediaries director general Chris Cummings says: “It is good to see that Key has elected to share its expertise.”

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