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AIFA supports clear mortgage message
Mon, 24 Jul 2006
The Association of Independent Financial Advisors (AIFA) has given its support to a report from the Financial Services Authority (FSA) that mortgage advice needs to be provided in a clear and direct way.

The FSA found that there had been improvements in the quality of advice given about mortgages.

Those firms who had applied systems and controls to the lifetime mortgage market had had significant success and in some cases even going further than the regulatory requirements expected of them by the FSA.

Chris Cummings, director general of AIFA, said: "It is good to see significant improvements in the way in which advice is being given on lifetime mortgages.

"The equity release market is a fast growing sector attracting a great deal of consumer interest and so the advisory profession owes a duty of care to its clients to act professionally."

However, not all firms were providing clear and informed advice about mortgages and Mr Cummings says that those firms that cannot meet the standards should be pushed out of the market to make room for those who can.

AIFA supports the recent announcement from Safe Home Income Plans (SHIP) that from August 2007 their members would only accept business from advisors with a mortgage qualification.

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