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&#39Home reversion regulation will take some time&#39 – SHIP

Safe Home Income Plans, the voluntary regulator for equity release, says there is likely to be a long delay before home reversion regulation becomes effective.

Chairman Jon King is delighted that home reversion will be regulated but points to the fact that the Treasury will now consult on the definition of home reversion plans, and when this is complete and the scope of regulation has been defined the FSA will consult on the details of the regulatory regime.

Financial Secretary Ruth Kelly said that legislation to regulate home reversion plans will be brought forward “as soon as parliamentary time allows”.

King says: “We will still go ahead with our plans for an interim regulatory regime to bolster confidence as it is implicit in this decision from the Treasury that there will be a long delay.”

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