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Home Reversions Equity Release Roadshows February/March 2007

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

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  1. Home Reversions Equity Release Roadshows February/March 2007

  2. 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

  3. 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’

  4. Jargon buster • Home finance • MCOB • Equity release • MIPRU • Interim authorisation

  5. MCOB – much remains the same • Disclosure is key • Financial promotions • Advising and selling standards • IDDs and KFIs • Fair treatment and redress

  6. MCOB – but some differences • Independent valuations • Confirmation of legal advice • Unauthorised providers and the responsibilities of intermediaries • Investor protection • Expanded competency requirement

  7. 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!

  8. 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

  9. 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

  10. Timeline

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