Could the FCA Discussion Paper really make a difference? – Saroya

While the FCA is signalling clear intent to prepare the mortgage market for higher demand in later life lending, the direction of travel needs to be chosen and carefully considered, and broker voices should feature heavily in this consideration.

Unless we speak now, it could be very easy to paper over the fact that clients in our market need careful handling, including checks into their short- and longer-term vulnerability, checking on the ability to receive means-tested state benefits and just general care due to their potential age.

Real involvement is needed

This cannot be done by simply passing an exam, or ‘dabbling’ in the later life world of advice.

This sector massively benefits clients with the ability of many firms, small and big, to offer face-to-face advice, and this is surely essential in certain circumstances, at the very least going forward.

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The Discussion Paper will also give the opportunity to speak up about holistic advice across the board, where it is now and where it could be in the future. Imagine a world where all conventional mortgage brokers and independent financial advisers (IFAs) knew and understood modern-day later life lending options and were encouraged to utilise them without fear of sending their clients to the damning fields of the plans of last resort.

And of course, this should also be the case when the tables are reversed.

Broker views are essential

The paper allows you to have your say on how the later life lending market can evolve in the best way and how distributors can evolve to give clients even more help.

There are quite a few sticking points within the market at present, and if explained, they can potentially be ironed out.

The results of the FCA’s Discussion Paper could potentially revitalise the later life sector, enabling exponential growth while changing the hearts and minds of the general public and other advisers on how today’s plans work – or they could relax current requirements in the sector, allow more dabblers and reduce the amount of careful consideration that currently takes place with each client, all to meet demand.

The choice is yours if you want your voice to be heard, but if so, the time is now.