Equity mortgage brokers set to join approval register?

Intermediaries dealing with equity release may soon become accountable for their advice to clients.

Proposals to register all lending intermediaries - including those working from a branch office - have been supported by the Association of Mortgage Intermediaries (AMI).

Put forth by the Financial Services Authority, the new proposals call for full disclosure when advisors are dealing with client requests and any shortcomings will see the agent being personally held responsible.

Robert Sinclair, director of AMI, said: "This is a significant step forward in protecting the public and increasing access to advice.

"It is right that the approved persons regime will be applied to all those involved in selling mortgages, advised and non advised both within lenders and through intermediaries."

He further added that maintaining a standard qualifications requirement for all advisors would raise the bar of products and support offered by the whole industry.

Recently, the government scrapped the Savings Gateway, which may have led to a boost in equity mortgages as people attempted to balance their finances against their spending.

Mortgage release schemes from Ashall Glover Financial Services

Posted by Partick Ashall