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CML urges Treasury to regulate home reversion

The Council of Mortgage Lenders has urged the Treasury to regulate home reversion plans to put them on an equal footing with equity release.

In its response to the Treasury&#39s ongoing consultation into whether it should regulate home reversion, the CML says failure to regulate the market could result in a skewed equity release market that disadvantages consumers, most of whom are elderly and some of whom may be vulnerable.

Senior policy adviser Jackie Bennett says: “Given the sensitive nature of the equity release market, it is essential that the Treasury put in place robust consumer protection measures to bring reversion schemes into line with lifetime mortgages.”

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