It said intermediaries unaware of market innovation including enhanced loan-to-values for those with medical or lifestyle conditions could face potential compliance risks.
According to analysis carried out by the referral service for advisers, almost 700 smaller firms completed just one case last year with around 1,500 firms completing less than one a month in 2014.
A review of the equity release market conducted by the Financial Conduct Authority warned against ‘dabbling’ in the market and urged firms to outsource to a specialist if possible.
Key Retirement said advisers would need support in a rapidly growing market in order to maximise opportunities for clients.
Will Hale, director at Key Partnerships (pictured), said advisers that were not whole of market could run the risk of unintentionally failing to offer clients the best service.
“A great deal has changed in the equity release market in recent years, with new products and rates that may not be revealed using traditional mortgage sourcing systems. The regulator has recommended advisers outsource this type of business to specialists rather than dabble and Key Partnerships provides a potential solution,” he said.
“The growth in equity release sales in the past three months is fantastic news and we anticipate 2015 being another record year. This is good news for advisers and their clients looking to secure a more comfortable retirement.”
