ASIC clears DomaCom’s equity release

domacom/ASIC/australian-securities-and-investments-commission/Arthur-Naoumidis/

20 November 2018
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has issued a relief instrument that will allow DomaCom to deliver its senior equity release (SER) product, which has been designed for ageing retirees who are asset-rich and cash-poor.

Arthur Naoumidis, the firm’s chief executive, said that with banks withdrawing from the reverse mortgage market, retirees would need an alternative source of funding that would enable them to sell fractions of their house while remaining in their home.

The SER product would be structured as a financial product to be provided by financial advisers who complete an accreditation course for the product.

“With the large baby boomer cohort entering retirement, the need for equity release funding over the next five to 10 years should be very significant and our SER product will help the $3-trillion superannuation sector to provide the capital needed,” Naoumidis said.

The firm said it would target the first half of 2019 to deliver the SER product to the market.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND