To ask Her Majesty's Government further to the Written Answer by Lord Myners on 2 April 2009 (Official Report, House of Lords, col. 1173) on equity release, what steps they have taken since then to promote the measures set out in the question; and whether they issue guidance that such schemes should be underpinned by independent legal advice and that accurate and adequate advice must be conveyed before any legal agreements are entered into. [HL1278]

The Government have made it clear in previous statements to Parliament that equity release products are complex financial products, and consumers considering equity release should consider seeking independent financial advice. However, the decision on whether to seek independent financial advice remains a decision for consumers, and some consumers may decide that they do not require such advice.

The Government have put in place Financial Services Authority (FSA) regulation of equity release products. The FSA's regime provides important protections for consumers, including requirements that information provided by regulated equity release providers must be clear, fair and not misleading. The FSA publishes a consumer guide to equity release products, which states that consumers uncertain about equity release should seek independent financial advice. This is available in hard copy from the FSA, or on the FSA's website at http://www.moneymadeclear.fsa.gov.uk/tools/publications/publications.html.