Marlborough Stirling is launching an equity release outsourcing service designed specifically for life and pension providers looking to enter the UK market.
Marlborough Stirling says increasing numbers of life and pension companies will enter the equity release market when lifetime products become regulated by the FSA in October 2004. This will allow both tied advisers and independent intermediaries to advise on how to unlock equity tied up in a client's property.
The hosted service will manage all elements of the sales and servicing chain and provide a straight-through processing system that encompasses distribution via the vendor's equity release trading platform on its Exweb portal.
Phil Heaton-Jones, head of mortgage product management and consulting at Marlborough Stirling, says equity release is a huge opportunity for life and pensions providers as well as existing mortgage lenders: "Our equity release outsourcing service can offer life companies easy access to this sector and enable them to take advantage of the trend for the growing elderly population to release equity from their homes in order to fund retirement."