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One-third of release plans are sold direct

A third of equity-release plans are taken out direct with product providers, according to Key Retirement Solutions.

Speaking at the Mortgage Business Expo, KRS development director Dean Mirfin said there was a shortage of IFAs active in this sector.

He said customers were drawn to providers through brand awareness and the perceived reliability associated with their brands. There was also a misconception among consumers that going direct would provide a better rate.

He did not think the FSA’s mystery-shopping exercise in May into equity release had a negative effect on the market, although he said there was some apprehension from advisers and consumers about the product.

Consumers still regard the market as risky, he warned, and they are most concerned with how complicated products are and the fact that they may face negative equity.

Mirfin said: “Although the equity-release market is on the rise, it is still relatively small. One of the biggest problems is that access to advice is limited. Local and national press need to offer clearer information.”


Orr staying at Skandia

Skandia Investment Management head of marketing David Orr has had pulled out of a move to Gartmore at the last minute. Orr announced his intention to leave SIML in August but is understood to have decided to stay less than a week before he was due to start at Gartmore after getting a counter-offer. He […]

Abbey launches new deals for first time buyers

Abbey is introducing two new deals for first time buyers, boosting the maximum LTV available to 97 per cent.The two year tracker is available from 4.74 per cent and 5 year fixed rate from 5.34 per cent. Both products offer the option of a free valuation and 250 cashback.Abbey has also launched two year fixed […]

Thinc Destini links up in Egypt deal

Thinc Destini has formed a partnership with overseas property and tourism expert Think Egypt to provide fin- ance and advice for UK buyers moving into the Egyptian property market. Think Egypt chairman Ian Marsh says he is working with the Egyptian government on the project that uses Thinc Destini as the exclusive supplier of finance. […]

The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if […]


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