Product research 'vital in equity release advice process'

Financial advisors working in the equity release sector should carry out careful research on their products, it is suggested, to improve their services.

The website MortgageStrategy reports that many members of the Equity Release Solicitors' Alliance (ERSA) believe that by having a good knowledge of equity release providers and schemes, advisors will be able to offer better guidance.

Meanwhile, according to the website, a number of ERSA members also believe it is important advisors are willing to outline equity release alternatives to consumers.

ERSA Chairman Claire Barker, said it is vital independent financial advisors (IFAs) provide thorough services to their clients.

"After the mystery shopping report from Which?, IFA advice has been placed under the spotlight," MortgageStrategy reports her as saying.

The Financial Services Authority recently introduced new proposals to better protect people who are opting for sale and rent back products, which can sometimes appear similar to equity release.

Written by Liam Tomlinson.