Air has launched a new suitability report ahead of any potential regulatory change as a result of the Financial Conduct Authority’s (FCA) Future of the Mortgage Market Discussion Paper.
The later life lending platform said that its report highlights the "crucial role of suitability reports" in delivering later life lending advice and good customer outcomes in response to feedback from advisers.
The new suitability report builds on Air’s LIBF-accredited FactFind learning programme, created in partnership with the Equity Release Council, and is designed to align with the FactFind process to make presenting recommendations clearer for the customer.
It also helps advisers meet the responsibilities of Consumer Duty around ensuring customer understanding by breaking advice into focused documents to ensure that clients’ needs, recommendations and risks are presented in clear language.
Air, which boasts more than 10,000 members, has designed the report to support transparency, reduce the risk of misunderstanding, and help all clients, especially those in vulnerable circumstances, to make informed decisions with confidence.
Director of innovation at Air, Ben Halhead, said: "The new suitability report marks a major step forward in later life lending advice delivering a stronger process for advisers designed for advisers. At Air we are focused on ensuring later life lending advisers provide consumer-focused, comprehensive advice that considers all available options and the suitability report helps deliver that in line with the FCA’s discussion paper.
"By breaking advice into shorter focused documents, clients can more easily digest important information leading to more informed conversations and greater confidence in the advice provided. Clarity and reassurance are paramount to fulfilling the expectations of Consumer Duty and will be central to expected changes to the mortgage market regulatory framework."
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