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Sesame sets up equity-release deal

Sesame has launched a specialist equity-release unit where its members can refer business.

The unit is based in Manchester and is currently manned by two advisers. Sesame will look to expand the unit if demand for its services increase.

It was set up so that Sesame members which do not want to take on the extra requirements of equity-rel-ease regulation as well as mortgage regulation can refer clients.

Head of mortgages Andy Young says the procuration fee will be shared with the introducing agent.

Equity release is widely seen as a growth area but FSA managing director of retail markets Clive Briault warned a Labour Conference fringe meeting recently that the regulator is looking very closely at the area, having come evidence of misselling of products to elderly people.

Young says: “Equity rel-ease is still a niche area but it is likely to grow. It will never be a core product for us but if demand inc-reases, we will grow the unit in Manchester.”

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