“It’s worth adding that this case pre-dates the regulation of equity release in the mid-2000s. As well as outside regulation by the FCA, a lot of work is done through the Equity Release Council (who I represent) to ensure that people understand how these products work and that providers guarantee a range of protections by signing up to a Code of Conduct and industry standards.

“For example, all provider members of The Council must ensure customers have had both independent financial and legal advice before taking out a product. We always encourage customers to discuss the implications of equity release with family to ensure it is the right decision for them. With more people using their housing wealth in later life, it is very important to seek advice and products from organisations who sign up to these industry standards.”