The Financial Services Authority has criticised firms who occasionally deal with equity release as 'not being up to scratch'.
They carried out 75 mystery shops and visits to 23 firms, and found that although some firms have improved, those for whom lifetime mortgages were not a major part of their business were still poor. These findings came as 1,000 advisers took the Certificate in Lifetime Mortgages, and it is hoped that this will improve the quality and availability of advice to retired people.
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