The Financial Conduct Authority (FCA), the UK’s financial services regulator, regulates equity release schemes.
This means that firms advising on or selling these products have to meet certain standards and provide clear complaints and compensation procedures.
It is important to always get independent financial advice before committing to an equity release scheme. Your individual circumstances need to be assessed and this is why financial advice is a must in the process and a regulatory requirement. An adviser will explain what is involved, discuss the options and alternatives available to you and any implications regarding state benefits, local authority support and tax obligations.