Just had Equity Release UK on the phone.

Did you know it is actually illegal for financial services companies to make unsolicited phone calls . I am sure the FCA (formerly FSA) and the ICO would be interested to learn about this.

Best wishes.

I worked for a time in Brussels as an 'independent' financial advisor, trying to sell investments and insurance to expats. I had to give it up because I was too honest. The upfront management fees on most unit trusts, etc. are so high that even if the underlying shares do well, it can be years before they show a profit. When people told me they wanted to invest their money for a couple of years, I told them to put it into the best interest-bearing bank account they could find, but I didn't get any commission for that!
We were supposed to work to a script when cold-calling and the most successful sales people stuck to it rigidly, but I found it embarrassing. We were also taught techniques for overcoming resistance. Even though we were agents for a wide range of companies, we were told to try to sell the plans that gave us the best commission. I believe the new laws in the UK have improved the situation as financial advisors now charge a fee rather than relying on commission (it probably wouldn't have affected me in Belgium).
I have never bought anything from somebody approaching me, either on the phone, by post, e-mail or at the door. I am always amazed at the stories about scams where people give their life savings to builders, etc. without checking out their credentials - and they are not always confused old people either.

I had a hilarious phone call from somebody purporting to be "Wealth advisers" who said they were contacting everybody under 55 to advise on pension provision. I just laughed out loud and told them their information was so wide of the mark, but I was very flattered to be thought a) under 55 and b) "wealthy!!! Cheered me up for the rest of the day!

Not giving out your telephone number does not protect you from unwanted calls. I have never given my mobile number to any company but get a couple of calls a day. Cold calls on our land line increased when we re-registered our details on TPS.

Maggiemay I agree entirely.

I am a sceptical and suspicious type. I usually have this vague feeling that anyone with a sales pitch is trying to con me.
My DH seems to get sucked in by these types, as happened in a car showroom last year. I held out as I was buying.

Its something about how people engage with the salesman's, "we are jolly mates" patter.

I have changed my telephone number to escape cold callers. Now I never give it out to anybody except close friends and family. It's been wonderful these last few weeks not to have to deal with pesky callers

A friend discovered on her parents' death that they had been persuaded to invest in a UK time-share property. They were obviously embarrassed to admit it so had never stayed there. My friend and her family have enjoyed using it since, it is in a lovely spot suitable for hiking.
How do these high-pressure sales people sleep at night, knowing that they have exploited vulnerable people?

janthea

I hope my 2 daughters will be able to keep me out of a nursing home.
I probably could have worked for another 5 years had I not had my father to look after and my 2 daughters were of some help.
My father / mother left very little money but they did leave a nice house which I am now living in.
From a financial point of view I would say my father was not a burden as I gained more than I lost.
At least my parents took every possible legal step to protect the house had they needed to go in to care.
Looking back I now wished my father had let me sell the house and buy a bungalow while he was capable of helping me with the moving of furniture etc but he took the attitude he had been living in that house for over 50 years and that was home and that was where he was staying.

Frank

Maggiemaybe What's the saying - 'Live long enough to be a burden on your family' That is my intention!!

I don't like cold calling from financial outfits at all and worry that when I'm older and even more gaga than I am now I'll fall foul of something like this. I'll warn my children to just take my phone away when that time comes.

I do know of someone who discovered when his dear old mum died in the 70s that she had been persuaded to hand her house over to some equity release outfit only a couple of years before. She'd had a little income from it for a while, but there was no house left. She wasn't so badly off and he would willingly have helped out if he'd known she wanted extra.

Perhaps regulations have tightened up since then, but I'm uncomfortable about companies targeting the more vulnerable. Ditto the many day time TV adverts flogging very expensive insurance for funerals. "so that you're not a burden to your family", often fronted by cosy well-loved celebrities. And charities trying to persuade the elderly to leave them their dosh.

I am a miserable so-and-so though. There are many things on my hate list.

Ditto glammagran

Frank, they have no idea of the circumstances of the people they phone, you have not been specially singled out. Hang up the phone down and put it out of your mind!
If you are watching the BBC3 documentary series 'The Call Centre', you will have an idea of how they operate. It is amazing and amusing!

DeniseB

I don't think there is any point in taking equity release at 64 when you have got a good pension and a few thousand £'s in the bank.
I also think it is wrong that salesmen ring around trying to sell this service.
My father had calls trying to get him to take Equity Release on the house when it was jointly owned by myself and him.
Obviously equity release is no good for a man in his 80's when he has a son in his 50's as an owner occupier.

Frank

Hi, I work for the Equity Release Council and it is in fact a highly regulated product and the safety of consumers is protected on two levels – both by the Financial Conduct Authority (FCA) and The Council's Code of Conduct, which provider members agree to abide by. In addition, all members, including advisers, agree to abide a statement of principles, which says that members will uphold the continued development and application of high standards to the equity release market.

If you contact one of the advisers on The Council's website - www.equityreleasecouncil.com - then they will be able to provide you with impartial advice and information on equity release. Although it is not an appropriate choice for everyone it is certainly worth considering alongside your other options, as it can make a big difference to your quality of later life in retirement. With people living much longer than previous generations, many people take out equity release so that they can help their families and enjoy watching them use that help before they die, rather than just leaving it to them after they have gone.

Why did I know the op was Frank before I clicked on comment

The only winners in equity release are the companies that offer it. Wouldn't even consider talking with them.

I just don't take unsolicited calls. I tell them if I am interested in Equity Release / Payment Protection / claiming on insurance I will talk to my "Financial Advisor" and would never deal with someone who phoned me on spec. I don't have one but it seems to put their gas at a peep!!

Frank he probably does not know that "you have plenty of savings and pension." as he is not on a gransnet user.

Frank, I would not give them the time of day and I certainly would not listen to them for a while as you did. I am saddled with the Accident Help Line about once a week. I am quite rude and then put the phone down, telling the fellow that I am ex directory.