Air has launched a new suitability report designed to strengthen advice processes in the later life lending market.
It comes ahead of potential regulatory change as a result of the Financial Conduct Authority’s ‘Future of the Mortgage Market Discussion Paper’ which closed for consultation last month.
The paper asked how effective and holistic later life lending advice is and how rules can support borrowers to access more effective information or advice to support their needs.
Air said its new suitability report is designed to help advisers meet the responsibilities of Consumer Duty around ensuring customer understanding by breaking advice into focussed, bite-sized documents, ensuring client needs, recommendations and risks are presented in clear, accessible language.
It builds on Air’s LIBF-accredited FactFind Learning Programme created in partnership with the Equity Release Council and is aligned with the FactFind process to make presenting recommendations clearer, more professional and easier to use.
The later life lending platform said its new report will reduce the risk of misunderstanding and help all clients, particularly those in vulnerable circumstances, to make informed decisions with confidence.
Features include the ability to add more personalisation and to create shorter, more digestible documents for clients which improve the presentation of key information.
The suitability report is integrated directly with Air’s Writeroute to save advisers time by removing duplication and ensuring consistency.
Ben Halhead, director of innovation at Air, 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 focussed on ensuring later life lending advisers provide consumer-focussed, 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 focussed documents, clients can more easily digest important information leading to more informed conversations and greater confidence in the advice provided.”
Halhead said 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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