Equity release provider trade body Safe Home Income Plans has opened up its membership to intermediaries and other groups within the sector.
In June, the trade body announced it had set up a committee to look at the possibility of branching out to become a trade body for the entire industry, including equity release providers, advisers solicitors and other key stakeholders.
At the Equity Release Awards last night, Ship director general Andrea Rozario confirmed the trade body had made the decision to expand its membership.
She said: “We will no longer simply be the voice of equity release providers, working with the rest of the sector, but we will be the voice of the entire sector, bringing together providers, solicitors, advisers and all key stakeholders as members of a united industry body which fully represents the whole of the industry and puts the needs of the customer first.
“The Ship standards which have, over the past 20 years, helped to redefine the equity release market by giving consumers the confidence they need in providers and the peace of mind that safeguards offer, will be available to all parts of the sector.”
Rozario added the framework for the new organisation would be revealed in early 2012.