Why are equity release adviser procedures important?

Firms need to be confident that all of the procedures which have an impact on recommendations given to later life customers are fit for purpose. We don’t approve of compliance for the sake of compliance so, although this is partly to meet regulatory scrutiny, it is mostly to be sure that the advisers are properly equipped to provide the best possible service. This is obviously a requirement under Consumer Duty it actually means that advisers can go to sleep each evening knowing that nothing critical has fallen through the cracks.

Amongst other, this includes establishing, maintaining and utilising:

• Suitable attraction and recruitment procedures
• A practical Training and Competence Scheme
• Robust Certification procedures
• Equity Release advice process and standards
• Vulnerability Policy
• Data security policy
• Marketing and social media
• Complaints handling

What does the audit include?

We can agree a specific audit requirement with you, but, in general terms, the following steps are usually included:
1) Request for various procedures and records
2) Interview with a senior manager to run through some predetermined questions
3) Case file review of a number of advice cases
4) Written feedback report outlining findings and rating activity as to whether current processes are best practice, meet anticipated standards, have room for improvement or fail to meet minimum standards

Feel free to contact us to see if this service would be relevant for your needs.