Advise Wise has launched a package to ensure that later life sales are in line with best practice guidelines, in the wake of the regulator’s critical review of marketing in the sector.  

The equity release platform says its fact find and suitability letter system offers guidance to “ensure that equity release advice is in full compliance with industry standards”.   

It adds the system aligns with Financial Conduct Authority recommendations and follows the Equity Release Council’s 24-point checklist on industry best practices.  

The move follows an FCA report last week, which said that almost 400 misleading promotions by later life mortgage firms had to be scrapped or amended, following its review.   

The platform says its package includes key features such as mandatory income and expenditure evaluations, key medical questions, a comprehensive vulnerability assessment tool and “a deep dive” into alternative funding solutions.  

The business adds that the system has been in pilot testing for several months and is now available to all members for free.  

Advise Wise head of product and development Benjamin Wells says: “This System is set to revolutionise equity release advice by providing a comprehensive, user-friendly, and compliant platform for advisers. “It truly allows our users to say goodbye to manual processes and fragmented tools and embrace the future of equity release guidance.   

“In addition, the system comes with various flexibilities and opportunities for white labelling.”