Equity Release Question Changes - Feb 2024
As part of our standard process, we regularly review questions to ensure that our question set fully addresses the factors below:
- The Consumer Duty - influenced by guidance from the FCA, feedback from advice firms and industry experts
- Feedback - from consumers, advisers and advice firms on the client experience factors that matter to them, question clarity and actionability
- Response data - in particular:
- Statistical evidence that the client experience factors we measure influence the Elevation Goals (boosting conversion rates, encouraging advocacy and monitoring and improving Consumer Duty outcomes and cross cutting rules)
- Distribution of responses. Greater distribution reveals more opportunity for improvement
- Avoidance of bias
- Survey length - we focus on measuring the most important factors to maintain our industry leading (30-40%) average invite-to-completion rates
As a result of our most recent review, focusing in particular on Equity Release, we are adding and removing several questions, outlined below.
If you have any questions or feedback about these changes, please contact your Account Manager.
We are adding the following questions for Equity Release:
How did [adviser] or their firm earn money from working with you? |
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Did you ever have to chase the adviser or their team to get things done through the process? |
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How responsive was the adviser / their team? |
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How easy was it to share documents with your adviser / their team? |
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Would you let your adviser / their firm know about personal challenges (e.g. bereavement, health issues, relationship difficulties)? |
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Who will own the house after you move into long term care or pass away? |
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When will the product be repaid (select all that apply)? |
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Can a change in interest rates impact how much you or your estate needs to pay in relation to the equity release? |
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And we are removing the following questions:
- Between scheduled meetings, in what circumstances did you contact [adviser]?
- How confident are you that you achieved the goals you worked towards with [adviser]?
- What topics did you discuss in your sessions with [adviser]?
- Who normally initiated communication between you and [adviser]?
