Research has shown that 89 per cent of IFAs support the Treasury's decision to regulate home reversion plans.
The research, by Norwich Union, also shows that 83 per cent of IFAs are concerned about the lack of awareness among consumers, stating they do not believe consumers are aware of different types of equity release schemes.
Norwich Union also discovered that 78 per cent of consumers over 50 can not correctly identify a description of home reversion plans and 61 per cent do not know where to go for information about equity release schemes.
Norwich Union director of personal finance Mark Kelly says regulation should be pushed through as a matter of urgency and the next step is to educate consumers about the types of scheme available and where to go for advice.
He says: “We recommend anyone advising on equity release to ensure they offer clients full financial advice, that they urge clients to consult with their families and that they choose a scheme from a SHIP provider.”