Senior consumers must have confidence in financial industry & its practices says SEQUAL Chairman

MELBOURNE, Australia - Aug. 28, 2016 - PRLog -- Since its inception as the professional association of providers of equity release products and services, SEQUAL has campaigned to highlight the pending longevity gap and resultant financial dilemma of Australia's senior citizens – however senior consumers of these products need far more reassurance from financial institutions than requiring their intermediaries and representatives to have SEQUAL accreditation said Chairman Peter Szabo.

Commenting further, Peter Szabo affirmed that SEQUAL's highest priority has been the welfare of senior homeowners and SEQUAL's mission has been the development of industry professional standards and a code of conduct under which members undertake their activities and adhere to the very highest standards of Consumer Protection Principles.

Regrettably, far too many equity release and reverse mortgage product providers are failing the industry by not joining SEQUAL and affirming through their membership a commitment to SEQUAL's code of conduct for senior homeowners that access these products.

Seniors in rapidly escalating numbers are finding themselves denied the Aussie dream of a financially comfortable stress free retirement with funds a plenty for pursuits such as travel, a new car, renovations and  still having the capacity left over to leave a legacy for the kids.

Insufficient savings and superannuation and living longer in an economy with rapidly escalating costs of living and health charges is erasing the nest eggs of many retirees long before they need aged care services or die.

"When a senior Australian reaches this point and faces the often deeply emotional decision to utilise the family home to access equity to enable them to live beyond their savings and superannuation, they are owed the very highest duty of care by financial service product providers and the financial service sector in general" said Peter Szabo.

Hence the very real need for these organisations and stakeholders (including government) to affirm their commitment through active industry association membership.

Peter Szabo continued, "Membership of SEQUAL also requires members to utilise and share their industry insight, information and intelligence to develop products and services that go far beyond the only two offerings currently available to the senior consumer – reverse mortgages and  equity release by selling an agreed share of the future sale proceeds of the family home".

SEQUAL's other function is as the focused and unified voice that can present to government common issues requiring attention and support.  It also works with government to develop viable and applicable solutions for issues that impact seniors and retirees, or to work strategically in partnership to advance the industry and sector.

Peter Szabo concluded, "SEQUAL and the financial institutions that comprise the equity release sector have reached a crossroad where the status quo or do nothing approach is unsustainable and will result in heightened consumer anxiety and potential vulnerability.

The industry must unite, come together and collectively raise awareness of the very real challenges and impact of the longevity funding gap that seniors are confronting.

It must develop modern, safe and secure financial solutions for seniors including appropriate regulatory safeguards thereby facilitating new sources of capital.

Finally, SEQUAL is strengthening government partnerships and relationships that in turn will develop a framework for the future that will both guide the sector and government policy and support".

ENDS

Issued by Senior Australians Equity Release (SEQUAL)  www.sequal.com.au

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