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Guest KingCharles1st

Wonderful Anecdotal From Today's Travels-

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Guest KingCharles1st

I went for a job today to fill in the financial holes while waiting for business to pick up.. I'm waiting my turn and next to me is this fairly smart 50 something gent. So we get chatting. I ask him what he does/did.

"I was in finance- got made redundant." "What sector?" " Equity release." "Oh- what happened?" "company had no money left in the bank- about to go tits up so they fired us all." "will that affect the people who have taken out contracts with you?"

"No they will be ok- "

I damn well hope so as my clever parents have done just this.

Have regulations changed to stop these deals or have lenders (in my parents case Norwich Union) decided to pull the plug?

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Intermediaries sold 64% of all new equity release plans – slightly down from 65% in 2009

but in line with the distribution trend (63%) established in 2007 and 2008.

So it looks like most firms are just brokers for another/bigger firm?

Year on Year Comparisons:

While quarter on quarter customer figures show some signs of renewed optimism, the market

volume was down by 22% from the same time last year – 5328 (Q2 2009) vs. 6864 (Q2 2008)

Seems very small numbers, no wonder they ran out of money (commission) to pay their overheads.

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