Equity release schemes ‘should be better regulated to protect elderly’
In a bid to copper-fasten the welfare and rights of elderly homeowners, the commission wants to see all types of equity release schemes — many of which are aimed at older people — coming under the Irish Financial Services Regulatory Authority’s (IFSRA) jurisdiction. According to the commission, some equity release schemes have been designed so that they are not financial products, preventing the IFSRA from regulating these schemes.
The report on vulnerable adults and the law, which is being published later today by the commission, also wants to see clear rules on when a person is in their right mind to make a legally-binding decision, such as a property transaction or a health care agreement.
