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Home Reversions Equity Release Roadshows February/March 2007

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Home Reversions Equity Release Roadshows February/March 2007. Agenda. What is covered by the new regulation? A look at the new rules What should you be doing now? Help available Next steps for the FSA. The new regulated activities.

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Presentation Transcript
slide1
Home Reversions

Equity Release Roadshows

February/March 2007

agenda
Agenda
  • What is covered by the new regulation?
  • A look at the new rules
  • What should you be doing now?
  • Help available
  • Next steps for the FSA
the new regulated activities
The new regulated activities
  • Providers - ‘entering into’ and ‘administering’ permissions
  • Intermediaries - ‘advising’ and/or ‘arranging’ permissions - with the option of being appointed representatives
  • Multi-principal arrangements for appointed representatives
  • Unauthorised providers
  • Consumers include ‘investors’
jargon buster
Jargon buster
  • Home finance
  • MCOB
  • Equity release
  • MIPRU
  • Interim authorisation
mcob much remains the same
MCOB – much remains the same
  • Disclosure is key
  • Financial promotions
  • Advising and selling standards
  • IDDs and KFIs
  • Fair treatment and redress
mcob but some differences
MCOB – but some differences
  • Independent valuations
  • Confirmation of legal advice
  • Unauthorised providers and the responsibilities of intermediaries
  • Investor protection
  • Expanded competency requirement
what should you be doing now
What should you be doing now?
  • Applying for authorisation or variation of permission
  • Studying for the new examination for equity release or the home reversion top-up
  • If you simply ‘introduce’, check what service the firm you introduce to will be offering
  • Preparing any necessary changes - e.g. IDD!
help available
Help available
  • Example documents [www.fsa.gov.uk/Pages/Doing/small_firms/mortgage/disclosure/index.shtml]
  • New leaflet
  • Applying lessons from lifetime thematic work
  • Industry support
next steps for the fsa
Next steps for the FSA
  • New ‘Raising money from your home’ leaflet
  • Checking up that firms needing authorisation have obtained it
  • Planned thematic work
  • Monitoring financial promotions
  • Effectiveness work
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