Innapropriate equity release and lack of Financial Advisor advice

Nearlyold

pbd343 said:

Thank you all for comments/observations etc. Couple of observations in response to the comments:
As a non financial person I may well have a different perspective to others. 
For those who seem to think the claim is because there is a loss of inheritance, that is not the case as I am financially secure and there is still plenty of inheritance. It is not about the money.
I am well aware that people who do this don't need to inform family and have no issue with that. Mum had her reasons and I respect that.
I have seen her file which contains paperwork relating to the Equity Release and a Financial Advisor has informed me that the initial assessment and report provided to mum was very poor and did not contain some of the information which should have been provided in the situation.
For those of you who have said that there is no need for contact after the product was sold/completed I have researched this and note on the FCA website that they have clear 'Outcomes' which firms should strive to achieve. Outcome 3 states that a Financial Advisor should provide clear information before, during and after the point of sale. If there is no recorded contact then how should that be viewed. The product could have been refinanced with such changes in rates reducing substantially the debt. To me that is poor conduct by the Financial Advisor. As her Financial Advisor surely she had a duty of care, if nothing else to carry out and annual review of clients business etc.

So after 5 years in business and completing say 3 transactions a week the Adviser would have 15 free of charge annual reviews to complete per week then 30 a week after 10 years in business all with little prospect of a return on the time spent. Does that sound like a sustainable model? If the reviews were chargeable how much do you think your Mum would have been willing to pay to receive an annual review.

pbd343

Thank you ever so much for your comments and observations. I now understand a lot more and am very grateful to you.