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    Re: Equity release (non county obv) Archived Message

    Posted by QueenCamilla on 16/6/2023, 8:44 am, in reply to "Equity release (non county obv)"

    In similar circumstances when my in laws passed away, I contacted (1st) Aviva and then (2nd) their agent who first sold equity release to my in laws. I asked for two things: (1) a copy of the explanatory material about equity release which was provided to my in laws, and (2) (importantly) a full copy of the Client due diligence (or “Know Your Client”) assessment they undertook for my in laws.
    Armed with this information, I contacted (free of charge) the official Money and Pensions Advice Service (Google them) to ask if the Know your client assessment had been properly conducted and whether Aviva should have subsequently undertaken further checks if the in laws has stopped making any payments that were due.
    Then, and only then, did I consider if there were any grounds for making any complaint to the Financial Ombudsman or the Financial Conduct Authority regarding financial misselling to my in laws, or any other deficiency in the conduct of Aviva or its agent. As a very last resort I would have contacted a solicitor (almost certainly not a “No win, no fee” lawyer) about grounds for challenging Aviva.
    However, in my in laws case, the accumulation of interest with no repayments of interest or capital may have been the way in which equity release was intended to work, hence the need to check if KYC was undertaken properly to make certain the client fully understood what they were doing.
    Note: It can take years to process a complaint via the Financial Ombudsman.

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