Regulatory Alerts2019-10-07
Added · Updated
Rules on Equity Release Financial Products
The Authority proposes a five-chapter Rulebook for credit and financial institutions offering equity release financial products, building on the previously issued Chapter 1 regarding the registration process. The draft chapters outline ongoing obligations, including pre-contractual disclosures, sales practices, complaints handling procedures, and property valuation rules. The Authority intends to impose an annual supervisory fee of Euro 9,500 on institutions providing these products to fund product-specific supervision focused on consumer vulnerability. This consultation document invites public feedback on the proposed requirements until 28 October 2019.