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Equity-release code is more important than ever, says King

The delay in bringing mortgages under the regulatory wing of the FSA has highlighted the importance of the code used to maintain standards in the equity-release market, according to its trade body.

The newly appointed chairman of Safe Home Income Plans, Jon King, says the Ship code is more important than ever after the delay to statutory mortgage regulation following the Government&#39s announcement of its intention to regulate mortgage advice.

The two key principles of the code, to which all association members must adhere, are a guarantee to customers that they will never lose their home and that they will be allowed to move.

Ship represents nine players in the equity-release market. King, a director and former spokesman of Ship, will chair the trade body for two years. He is also chairman of provider Hodge Equity Release.

King has been involved in the equity-release market for nine years and worked in financial services for 18 years. He has been a director of Ship for the last two years.

He says: “I am delighted to take up this responsibility at a time when equity-release sales are at all-time record levels. Maintaining product standards through the Ship code is vital to the future of this market.”

Outgoing chairman Mark Goodale says: “Jon brings a wealth of equity-release experience to the Ship board and, at this critical time for the industry, I very much welcome his appointment.”

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