SHIP WELCOMES GOVERNMENT PROGRESS IN DEFINING HOME REVERSION PLANS
The Treasury has today published a summary of the responses to its consultation paper on the definition of home reversion plans.This is an important stage in the process of getting the home reversion definition onto the statute book and on the path to being regulated by the FSA. UK equity release industry body, SHIP (Safe Home Income Plans), which represents 90% of the equity release industry, welcomes the Government’s progress.
The decision to regulate home reversion schemes means that all equity release products will be offered within the same market framework and consumer protection.
Graeme Marshall, Chairman of the SHIP Reversions Board, said:
“SHIP welcomes this further move towards creating a level playing field for the sale of home reversions alongside lifetime mortgages. We look forward to seeing the draft definition and hope that the government will demonstrate its support for the equity release market by moving the relevant legislation rapidly through the parliamentary process.“We are also pleased to see that the government has taken note of the role SHIP is playing in forming a bridge towards the introduction of regulation of the home reversion product.
“As the representative of the major home reversion product-providers, SHIP also looks forward to playing a constructive role in contributing to the form of the regulation.”
ENDSFor further information, please contact:
Laura O’Connell/Fran Read The Wriglesworth Consultancy Phone: 0207 845 7900
Notes to Editors:
About SHIP:
Safe Home Income Plans (SHIP) is the UK’s leading professional body for equity release product providers, representing the interests of its 17 members who provide home income and equity release plans. Over 90% of the equity release market (in volume terms) is represented by SHIP members.
SHIP’s current 17 members are:Abbey,BPT Bridgewater,Ecclesiastical Life,GE Life, Hodge Equity Release, Home & Capital Trust, In Retirement Services, Key Retirement Solutions, Mortgage Express, National Counties Building Society, New Life Mortgages, Northern Rock, Norwich Union, Portman Building Society, Prudential, Standard Life, Stroud and Swindon Building Society.