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The shopper's mother is approaching retirement and is considering equity release as a means of supplementing her income. She moved to Cheltenham ten years ago, which is the last time she had her house valued. The shopper has some concerns about equity release and is ringing advisers to find out more about the options available for his mother.

IFA (Independent), Aspire IFA Ltd, 107 Promenade, Cheltenham, GL50 1NW

Speed of response: Time of call: 10.59am. The call was answered very speedily after just one ring by an adviser. 5/5

Telephone Manner: The adviser introduced himself and was extremely professional and polite. He listened to the shopper and spoke clearly, calmly and confidently. 5/5

Relevant Qualifications: The adviser said that he was authorised to do equity release and had qualifications in home reversion plans as well as the MAQ. 3/5

Payment Method: The adviser said that there would be a free initial meeting. If the shopper's mother went ahead with a plan the firm would charge a fee on completion, usually be about 0.5 per cent of the loan. 4/5

Guidance Given: The adviser told the shopper that there were two main types of equity release plans. He said his mother could take out a home reversion plan by selling all or part of her house to a lender in return for a lump sum at the same time retaining the right to live in the property until she died or went into care. Alternatively, under a lifetime mortgage plan his mother would receive a monthly income; the interest on the schemes would roll up to be paid off when the house was sold. The adviser added that the schemes he recommended all came with a 'no negative equity' guarantee. How much the shopper's mother could borrow would depend on her age. The adviser said that it was important the implications of equity release on the whole family were discussed beforehand. 3/5

Knowledge: The adviser was very professional and clearly knew his stuff about equity release. He provided the shopper with sufficient information and it was obvious he had much more to tell him. 3/5

Email/Web Presence:

Email: enquiries@aspire-ifa.co.uk

Website: www.aspire-ifa.co.uk 5/5

Verdict: The adviser listened to the shopper and gave him as much guidance and information as possible on the phone. He was polite and professional and the shopper felt confident he would give sound advice to his mother.

Rating: 28/35

IFA (Independent), Ashlea Financial Planning Ltd, First Floor, 2 Imperial Square, Cheltenham, GL50 1QB

Speed of response: Time of call: 11.08am. The call was picked up by an adviser after just two rings. 5/5

Telephone Manner: The adviser was really friendly and chatty on the phone and the shopper found her really easy to chat to. 4/5

Relevant Qualifications: The adviser said that she was qualified to give advice on equity release but did not go into any details. 2/5

Payment Method: The adviser said that they would discuss fees at a free initial meeting. She said that the work done would dictate the fees. 3/5

Guidance Given: The adviser asked the shopper about his mother's age and said that the younger she was the less money she would be lent. She said that the shopper's mother could release a lump sum from her house which could be paid as a monthly income. The interest would roll up and nothing would be paid back until after she passed away or was taken into care. She said that this was called a lifetime mortgage. Alternatively, the shopper's mother could take out a home reversion plan, where the ownership of the house would then go to the lender. The shopper's mother would still live there but effectively as a tenant paying a nominal rent. The adviser said that she did not recommend home reversion. The adviser added that all recommended products were part of Safe Home Income Plans and therefore offered a 'no negative equity' guarantee. 4/5

Knowledge: It seemed like the adviser knew a lot about equity release and the different products, and gave the shopper a lot of useful information. 4/5

Email/Web Presence:

Email: diane.weitz@ashlea-fp.co.uk

Website: www.ashlea-fp.co.uk 5/5

Verdict: The adviser was really friendly and chatty and was willing to help the shopper as much as she could. However, despite her knowledge in the subject, it was not clear how qualified she was to give advice and she did not elaborate on this.

Rating: 27/35

IFA (Independent), PM Financial Consultancy Unlimited, 21 Cranham Road, Cheltenham, Gloucester, GL52 6BQ

Speed of response: Time of call: 11.16am. The call was answered after five rings by an adviser. 4/5

Telephone Manner: The adviser introduced himself and his firm straight away and was friendly and professional. He listened carefully to what the shopper had to say. 4/5

Relevant Qualifications: The adviser said that he could give generic advice on equity release but if the shopper progressed further he would refer him to one of his specialist colleagues at Sesame. 2/5

Payment Method: The adviser said that that the initial consultation would cost a minimal fee. After which the adviser would usually be paid in the form of a procuration fee from the lender. If this did not cover the costs the shopper may have to pay a small fee as well. 3/5

Guidance Given: The adviser said that equity release should really be considered as a last resort and the shopper's mother should first explore other forms of capital she could tap instead. He said that there were two main ways of releasing equity, as a lump sum, where the interest would roll up and be paid on death. Alternatively the shopper's mother could receive a monthly income. He said that the second option would be better as it was likely the interest payable would be lower. He said the younger the shopper's mother was, the less the lender would give her, and that interest rates were usually fixed. The adviser also mentioned Ship schemes and explained about 'no negative equity' guarantees. The adviser also stressed that it was important for the whole family to be involved in the discussions as it would effect inheritance.

3/5

Knowledge: The adviser was clearly very knowledgeable about equity release. He gave the shopper a vast amount of information and it was obvious he could have gone on for a lot longer. 4/5

Email/Web Presence:

Email: martin@pmfinancial.co.uk

Website: No web presence 3/5

Verdict: The adviser was extremely friendly and clued up about equity release. He gave the shopper plenty of guidance and information and was very professional. He seemed genuinely interested in helping the shopper's mother and the shopper found him very easy to talk to on the phone.

Rating: 23/35

PROVIDER, Aviva, National Call Centre

Speed of response: Time of call: 11.32am. On the shopper's first attempt to speak to someone, he listened to a recorded message and then was placed on hold for a considerable amount of time. When he was finally put through he was cut off again. On the second attempt the shopper listed to the same message, was put on hold for a shorter period, and then was put through to an attendant. 1/5

Telephone Manner: The attendant was very lively and friendly, however she spoke extremely quickly and the shopper had to ask her to repeat herself. 2/5

Relevant Qualifications: The representative told the shopper that she was unable to give advice, only factual information. 0/5

Payment Method: The shopper's mother would have a meeting with a fully qualified Aviva financial adviser, which would be free and be with no obligation. 3/5

Guidance Given: The attendant did not give the shopper any advice or guidance because she was unable to, however she did arrange for an adviser to go and visit the shopper and his mother for an initial chat. If the shopper's mother decided to go ahead with a plan the adviser would visit her again to take it further. In the meantime the attendant said she would put an information pack in the post. 2/5

Knowledge: The attendant did not give the shopper any information so it was not possible to ascertain the extent of her knowledge. 0/5

Email/Web Presence:

Email: helpdesk@aviva.co.uk

Website: www.aviva.co.uk 5/5

Verdict: When the shopper finally got through, the attendant was very professional, pleasant and friendly. She did rattle off information far too quickly which left him lost. She was helpful and did everything by the book.

Rating: 13/35