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Home reversion to be regulated within 18 months

Todays Queens speech will include plans to regulate the home reversion side of the equity release market.

The bill, which is to be enacted within 18 months, will set out guidelines for home reversion to be regulated by the FSA.

It was previously thought any regulation would not appear until mid-2007 at the earliest.

Lifetime Mortgages will remain as they are, regulated by the FSA under current mortgage regulation rules.

GE Life product manager Simon Little says: “We are delighted by the news which shows the industry and government working together. It needed to happen and the move will put home reversion on the same footing as lifetime mortgages.”

Norwich Union press spokesman Dave Gwyer says: “We have always supported this move and have been in discussions with the treasury lobbying for the regulation of the home reversion market.”


Warning on pension penalty

A pensioner has been hit by a 20 per cent market value reduction because his adviser applied for funds two days before his normal retirement date.

Vertex acquires Marlborough Stirling

Vertex has completed the 95.3m acquisition of Marlborough Stirling, owner of The Exchange. Andy Hunt has been appointed managing director of Marlborough Stirling, replacing the old chief executive Mike OLeary who has left the company. The Exchange managing director David Child will report directly to Hunt.


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