Written question asked by Lord Alton of Liverpool (Crossbench), in the House of Lords. It was answered by Lord Myners (Labour) on Tuesday, 2 February 2010.

Financial Services Authority

Question: To ask Her Majesty's Government further to the Answer by Lord Myners on 2 April 2009 (Official Report, House of Lords, cols. 1174–5), what steps the Financial Services Authority has taken since then to regulate better equity release schemes.

Answer: I refer the noble Lord to the Answer I gave him on 25 January (Official Report, col. WA 296). The Government have put in place Financial Services Authority (FSA) regulation of equity release products. The FSA's regime provides important protections for consumers, including requirements that information provided by regulated equity release providers must be clear, fair and not misleading. The FSA publishes a consumer guide to equity release products, which states that consumers uncertain about equity release should seek independent financial advice. This is available in hard copy from the FSA, or on the FSA's website at http://www.moneymadeclear.fsa.gov.uk/tools/publications/publications.

Secondary information

Type: Written question
Reference: 1327; 717 c23WA
Session: 2009-10
Related items: Finance: Equity Release
Thursday, 2 April 2009
Oral questions
House of Lords; Finance: Equity Release
Monday, 25 January 2010
Written questions
House of Lords
Subjects: Consumers Financial Services Authority Protection Regulation Equity release
Link: View this Written question on www.publications.parliament.uk