02/02/2010 - Call for Ban on Equity Release Telephone Sales
Call for Ban on Equity Release Telephone Sales
by Joanne Roberts, Director
The Society for Equity Release Advisers (SERA) has called for telephone based sales of equity release to be banned.
Industry reaction has been harsh, generally in favour of customer choice rather than imposed face to face meetings.
Many clients looking at equity release are elderly and might not want strangers in their home. If calls are recorded and everything backed up in writing, there is still a place for telephone based sales.
From a compliance point of view there is a higher risk of alleged mis-selling, especially if the client’s family is not involved in their decision. It is important to document everything and reconfirm it back to the client before allowing the sale to proceed. Confirmation in writing that a face to face meeting was not required, would also avoid any confusion at a later date.
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