CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Consumer Credit News arrow Later life lending experts at FSE London welcome FCA proposals
Contact Us Newsletter Signup RSS Feeds

Later life lending experts at FSE London welcome FCA proposals PDF Print E-mail
Thursday, 14 September 2017
Later life lending experts, speaking at today’s Financial Services Expo (FSE) London exhibition, have welcomed FCA proposals to change the rules around interest-only lending to allow repayment to come from the sale of property as an exit route.

When posed the question by Chairperson Robert Sinclair, Chief Executive for the Association of Mortgage Intermediaries (AMI), panel members were united in their positivity towards these proposals.

This question arose during a debate entitled: ‘Later Life Lending – is it more than equity release?’ at FSE London, the premier exhibition for the financial services industry in London & the South East.

When answering this question Marie Catch, Development Manager at Legal & General, said: “We think this is really good news and we hope that lenders will adopt this strategy as it would give customers additional flexibility and choice. It also offers a strong opportunity to help accelerate product innovation.”

Claire Rankin, from Shawbrook Bank, added: “There are plenty of people who are underserved because of minimum equity positions but in some areas of the country prices will greatly differ, so if it’s just sale of property then that’s a great thing. If there’s a minimum equity position then there are still some people who are going to be excluded from that market and therefore underserved. So it will be interesting to see how this progresses, but any evolution in that sense is welcome.”

The re-classifying of retirement mortgages was highlighted by the panel as an important step.

Dean Mirfin, Technical Director at Key Retirement, suggested that the proposals will be widely accepted if they offer more scope and additional options for consumers. He said: “We genuinely don’t see these proposals as a threat or an issue for us. It’s a good move to let lenders feel a lot more comfortable.”

However, there was a word of warning from Adam Carnell, Head of Partnerships at Age Partnership. Despite suggesting that the outcomes would be positive he also warned: “I think this could have an impact on demand for equity release if it does proceed. And it could allow some lenders and building societies to potentially move clients in volume without advice onto an alternative product which may be a danger. This heightens the need for holistic advice so that clients are fully aware of all the options before they proceed.”
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

Consumer Sponsor

This Consumer Credit News section is currently available for sponsorship.

Please click here to contact us about our site sponsorship opportunities.

The Credit Excellence Awards


Tuesday 3 October - Guoman Tower Hotel, Central London

Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.

To book your place to attend, please contact Alison Lucas.


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197