HSBC's decision to launch a pilot equity release service without involving the IFA sector has been c...
HSBC's decision to launch a pilot equity release service without involving the IFA sector has been criticised by a leading retirement solutions intermediary.
Under the new scheme the high street bank will write to 200,000 customers introducing them to In Retirement Services, the specialist equity release provider to which the bank is tied. HSBC is the first retail bank to enter the sector.
"This is completely against the trend within the industry to recommend the widest possible choice and most impartial advice for consumers," said Dean Mirfin, business development director at Key Retirement Solutions.
But Dennis Smith, HSBC head of life pensions, hit back, saying: "We are embarking on this pilot having spent a great deal of time considering every aspect of this sector, particularly ensuring our customers get the best advice available."
