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PFS launches equity release support package

The Personal Finance Society has created a new member support package Promoting Excellence in Equity Release.

The package will include information on compliance, terms of business, business monitoring, as well as other services if they are requested by members.

The PFS says the package is an industry initiative for equity release advisers to improving adviser confidence in the market.

PFS chief executive Tim Eadon says by encouraging more advisers to offer excellent advice, consumer confidence in equity release will improve.

He says: “The Equity Release market should be much larger than it is but it had a very rocky start and a somewhat tainted image, as a result, some advisers are still reticent to discuss this aspect of financial advice with their clients.

“However in a world where people are living longer, property values have grown and pensions have declined there is clearly a need for good advice on the issue of income in retirement. In that context equity release cannot and should not be ignored.”

Access to the support service is available via the PFS website and is open to all PFS and Society of Mortgage Professionals members.

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