Later life mortgage lender LiveMore has published a whitepaper titled ‘Consumer Duty: Why later life lending is about to change forever.’
The whitepaper outlines that the impending regulation gives the later life sector the chance to level up and create positive change.
The paper looks at what the Consumer Duty rules mean in practice, and particularly what needs to change in the later life market.
Leon Diamond (pictured), CEO and founder of LiveMore, said: “Let’s make 2023 the year of consumer power.
“Consumer Duty is an opportunity for the financial services industry to make a fresh start and bring about a bright future.
“Our white paper is a comprehensive, enlightening document that I invite all brokers, lenders and other industry professionals to read.
“It is vital that we provide customers with all the options available to them, while offering advice that’s transparent and always in their best interests.”
Recent research from Air found that the majority of older consumers were unaware of the Consumer Duty regulations, which come into force on 31st July 2023.
LiveMore’s whitepaper follows guidance for advisers published by various market players, including 10 recommendations from Aegon, and a video released by Paragon.
