Complaints Procedure

Both Lifetime Mortgages and Home Reversion plans are regulated by the Financial Service Authority. This means that firms selling these plans have to meet certain standards. If firms fail to meet these standards then the FSA will take action.

Under the regulations, all equity release literature and advertisements must be fair, clear and not misleading. The key documents you receive from a firm will be presented in a certain way – these are the Initial Disclosure Document and the Key Facts Illustration. Both have the “keyfacts” sign. This should allow you to more easily understand and compare, if required, any products and services recommended to you.

Regulations also cover the way in which advice is presented to you. Financial advisers must have specific equity release qualifications. They also have to follow a process that ensures all other options are explored and that any recommendation takes into account your full circumstances and needs.

Because equity release schemes are regulated you also have access to the Financial Ombudsman Service.  The Ombudsman’s role is to be impartial and investigate any dispute between you and the firm if you have not been able to resolve it directly with the firm. The aim generally is to put you back in the position you’d be in if things hadn’t gone wrong.

You would also be able to access the Financial Services Compensation Scheme should you find you are unable to contact the firm who gave you the advice

Knowing that the FSA regulates Equity Release and the products offered by SHIP members meet the SHIP guarantees is very reassuring if you are taking out an equity release plan

If you want more information on the FSA then click on the link:

http://www.moneymadeclear.fsa.gov.uk/products/equity_release/equity_release.html

All members of SHIP aim to provide a consistently high standard of service to their customers. However, things can go wrong from time to time.

If you have any complaint against a member of SHIP, you must firstly contact the individual company directly and try to resolve the issue with them.

All members who provide plans are regulated by the Financial Services Authority (FSA) and as such are required to follow strict procedures for how complaints are dealt with. These include specific response times for dealing with complaints.

If you are unhappy with the outcome of the company’s investigation into your complaint, you can refer your complaint to the Financial Ombudsman Service.