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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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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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