From 2007, all lifetime mortgage and home reversion plans became regulated by the Financial Services Authority (FSA) who are the independent watchdog that regulates financial services. In addition, all those advising on equity release had to pass a series of professional exams to be able to advise customers on equity release.
How the FSA regulates the industry
The FSA has clear guidelines to regulate the sale of equity release products to you. This includes spelling out the advantages and disadvantages of the plan, telling you how it will affect your entitlement to state benefits, and outlining the fees payable for any advice you receive.
Any firm advising you on equity release should provide you with two documents. One outlines key facts about the service they provide and what it will cost you; the other is provided when they recommend a product to you and is called a Key Facts Illustration, which sets out all the important features and risks of the equity release plan so you can compare it with similar products.
Ensure your adviser is registered with the FSA
You should only ever get financial advice from a company which is registered with the FSA (check on the FSA register here). If they aren’t and things go wrong, you won't have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme.
Financial Services Compensation SchemeThe Financial Services Compensation Scheme (FSCS) is the commpensation fund of last resort for customers of authorised financial services firms. If a firm becomes insolvant or ceases trading they may be able to pay compensation to customers.
Financial Ombudsman ServiceThe Financial Ombudsman Service is the official independent expert in settling complaints between consumers and businesses providing financial services
Our FSA details
Just Retirement Solutions Limited is authorised and regulated by the Financial Services Authority, our firm reference number is 455713. You can check by looking for our number on their register.
Useful links
Financial Ombudsman Service
Financial Services Compensation Scheme
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