Australia needs a National Equity Release Qualification, Now!
As the author of the first and current Equity Release Industry Accreditation course, I can tel you that it needs fixing!
Despite the fact that Senior Australian’s are facing a poorly prepared retirement, very little is actually happening to assist them to access their significant property wealth to Live Long and Live Well.
Equity Release Markets in the UK And USA are growing rapidly with better products, effective regulation and importantly, meaningful education for advisers combining to ensure consumers can have confidence in this retirement funding strategy.
in Australia, everyone is “Asleep on Watch”.
The peak industry body, SEQUAL has retreated to become nothing more than a cohort of ever decreasing number of lenders that appear to have little interest in leading the market.
The national regulator, ASIC appears to have “closed the file” on further regulatory change despite the fact that the market itself has changed significantly since they last took a look.
The Federal Government, despite some promising statements by The Treasurer, have contributed very little since rejecting the key proposals put to them by the Productivity Commission.
The truth is that no one seems to be interested in laying the foundations for an efficient and ethical Equity Release market in Australia, at this time.
Make no mistake, as increasing numbers of so-called Asset Rich but Cash Poor retirees struggle to fund a decent standard of living, the demand for well designed Equity Release products and properly trained advisers will come.
Senior Australians deserve better from their Government, the National Regulator and the Industry Body.
The Three Ugly Sisters must do better!