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Rock exits equity release

Northern Rock is the latest provider to leave the equity-release sector after withdrawing its lifetime mortgage range this week, blaming low customer demand.

Rock says existing lifetime mortgages will continue to operate as normal and it will continue to process any submitted cases through to completion.

Last week, Saffron Building Society said it was stopping lending lifetime loans for the rest of 2009 following both Coventry Building Society and Retirement Plus’ decisions to temporarily stop lending.

In Retirement Services went into administration and Newcastle Building Society Equity Release Advisers has suspended business in recent months.

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Tales from the encrypt

Over the last couple of columns, I have looked at the overall state of the IFA software market and how advisers should approach selecting the right system for their individual needs. This week, I want to look at what appears to me to be the fastest-evolving system in the market. It is one which should be considered in detail by any organisation looking to prepare for the challenges of the post-RDR market.

4

Galling example

I don’t know why you deem it necessary to give a whole page to the views of Clive Briault. I find it galling that someone who has failed in his responsibility to a: give £380,000 of our money (and our relates to all decent hard working advisers who pay their regulatory fees and know if they didn’t then they risk losing their income and livelihood) and b: then feels he has the right to have a view on matters. If you have such views, you should have made them known and done something about it in your last job.

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