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Equity release news
05
TrigoldCrystal's Equity Release system goes live
Equity release
The TrigoldCrystal equity release allowing intermediaries to source years and we've worked closely
customers
system has gone live for all users. based on the lenders’ product with both providers and
The new tool enables benefits and thereby supporting intermediaries to create a system shop around
intermediaries to source and select advisers with the aim of providing that now supports the sales
equity release products using a quality advice. The system offers process. Historically, sourcing
Older homeowners
'benefits driven' sourcing engine an end to end sales process starting systems have found it a challenge
investigating the possibility of
and will be available to the seven with a lifestyle questionnaire to to adequately source and select
equity release are spending
out of ten brokers using the identify the needs of the client and products due to the unique
longer researching their
TrigoldCrystal system. ensure that the products appearing characteristics and complexities of
product choices.
Some of the big names in the within the sourcing results are the products on offer. Our new
They also rate specialist advice
equity release market are already based upon the individual system sources on product benefits
on the system and Trigold Crystal requirements of the client and not which match the individual
as a crucial factor when
say that others will be announced based upon the overall cost. SHIP requirements of the client and the
considering the best options
over the coming weeks. welcomes this innovative intuitive and easy to use system
for them, according to research
Andrea Rozario, director general approach.” supports the sale every step of the
from ERSA.
of SHIP said; "It is pleasing to see David Aylmer, marketing way. We believe that this is sector
In a survey of over 600 clients,
TrigoldCrystal have launched an director at TrigoldCrystal said, destined for sustained growth and
40 per cent said that they spent
Equity Release sourcing facility "The equity release sector has been we're delighted to be providing the
over six months researching the
that is new in the ER market, gaining momentum over recent technology to support it."
options available before
approaching an IFA. This
SHIP calls for funding for equity release
figure is an increase of 27 per
cent from August's figures (13
SHIP has announced the start of a Government broker relationships between the per cent, August 2009). In line
campaign to encourage major lThe industry needs to look financing and equity release with this, 83 per cent of clients
financial institutions to consider towards pension and annuity industry, and begin initial
said that they had consulted
the provision of funding for the funds as a source of funding discussions about how the two
relevant literature and/or
equity release market. lThere is a lack of understanding industries can work together. This
guides before making their
As part of this campaign, SHIP and clarity around the potential debate helped to open the
decisions - with 20 per cent
and DWF, the leading full service returns that funders could channels of communication and
having read literature supplied
law firm, held a debate in expect bring the issue into the open.
by their chosen intermediary.
November that brought equity SHIP hopes to target and "In some financial services
When selecting an IFA,
release providers, financiers and educate financiers on the growing sectors, there is an outdated view
interested stakeholders together to demand for property wealth based about the viability and safety of
customers rated specialist
discuss this issue. retirement planning solutions, and equity release schemes. SHIP
equity release advice as the
The debate came to these develop an understanding of the members are reporting huge
most important factor. This
conclusions: way in which how financiers could demand from the public for equity
was followed by the
lThe market is misleadingly help the market to grow. release schemes, but due to the
prerequisite that their IFA is
viewed as not currently big Currently, there is not enough liquidity issues in the market, the
easily contactable and that the
enough for large players, but liquidity in the equity release funding is not always available.
financial adviser has a detailed
too complex for smaller players market to support the high level of "We encourage large financial
understanding of their client's
lThe vast majority of demand for the product from institutions to review their stance
financial circumstances.
participants felt the market consumers. on equity release, and consider Claire Barker, chairman of
would grow in the future and Andrea Rozario, director how this asset class could fit into ERSA, said: "The findings
believed that potential funders general of SHIP, commented on their investment strategy. In doing indicate that consumers are
would enter the market, but the initiative: "To kick off our so, we hope to attract the inward spending more time searching
were unsure of timings. campaign, SHIP representatives investment that will enable the
for information and the equity
lThe products ideally need some have been meeting with banking industry to fulfill its potential for
release product most suited to
risk acceptance from the and finance representatives to growth."
them. By consulting the
relevant literature, shopping
Case for equity release strengthened
around and then selecting an
adviser who specialises in
Andrea Rozario, director general of "With straightened economic used to improve the quality of life
equity release, they are
SHIP, the equity release trade body, circumstances and an ageing for many pensioners.
believes the Pre-Budget Report population, the issue of how we "In July Baroness Patricia Hollis
ensuring that they have made a
strengthens the case for equity fund retirement is a problem that is led calls for a formal government
thorough and informed
release. not going away. We believe that the review into the use of equity release
decision.
She said: "The reduction in tax government has a duty to for retirement funding and recent
"Equity release is not a decision
relief on pension savings and the pensioners to consider all statements from the Conservatives
that should be rushed into and
reduction in the future value of retirement funding options - indicate that they are looking at the
customers are advised to seek
public sector pensions may help including equity release. There is an matter. We urge those in
both independent financial and
balance government books but are estimated £700 billion tied up in government to go further in
legal advice before proceeding
measures that will cut the future housing equity by those in promoting it as a viable mainstream
with a policy."
pension income of millions. retirement: money which could be option for retirees."
www.mortgageintroducer.com January 2010 Mortgage Introducer
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