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Equity release sales growing, says CML

Equity release lending grew by 3% in the last three months of 2005, according to CML data published.

Lending in the final quarter was worth 282m, compared to 273 million in the preceding three months.

In the second half of 2005, when the market is usually stronger, equity release lending was 13% higher than in the first six months at 556m, although it was 20% lower than in the second half of 2004.

The overall size of the equity release market continues to grow, the CML claims. There are now more than 105,000 equity release mortgages outstanding, worth more than 5.3bn, and the overall value of equity release mortgages grew by 33% in 2005.

CML director general Michael Coogan says: “People over 65 have more than 1 trillion in unmortgaged wealth in their homes, so there is significant potential for equity release to fulfil the needs of older people in the longer term.”


Gill Nott elected AITC deputy chairman

The AITC has elected Gill Nott as deputy chairman joining deputy chairmen George Kershaw and Carol Ferguson.Nott sits on the boards of Witan Pacific, Martin Currie and Merrill Lynch British smaller companies investment trusts, as well as chairing the Baronsmead and Sitka health fund VCTs. She was a director of the FSA until November 2004 […]

Sinking fund floated for the FSCS

The FSA is considering proposals to set up a pre-paid emergency compensation fund as part of its review of how to fund the Financial Services Compensation Scheme. FSCS chief executive Lor- etta Minghella says the industry is looking for a solution to manage the volatility of the existing system to avoid firms being suddenly hit […]

Peter Sprung

Park Row’s chief executive is a keen proponent of personal development and he is aiming to use that enthusiasm to achieve ambitious goals for the newly merged company. Interview by Samantha Shaw.

HMRC releases “confusing” guidance on turbo-charging

HMRC has released a guidance note on recycling of pension commencement lump sums which has been met with bewilderment.Hargreaves Lansdown head of pensions research Tom McPhail has labelled the guidance on what is known as turbo-charging as “anything but simple”.McPhail says a first reading appears to offer confusing guidance on when an increase in annual […]


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