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IFAs welcome home reversion regulation

Research has shown that 89 per cent of IFAs support the Treasury&#39s 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.”


PYV criticises FSA over capital cover

Professional indemnity insurance broker PYV says there is no science in the way the FSA assesses capital cover for firms that are granted waivers in lieu of compliant cover. Managing director Ian Boscoe says the amounts set by the regulator for capital cover in lieu of PI when waivers are given bear no relation to […]

Treasury minister says Sipp changes will not bring a rise in second homes

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Out of context

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Pension edge

With a perfect storm of events – a litany of misselling scandals and stockmarket volatility – it is not surprising consumers are reluctant to commit to insurance company pensions for 30 to 35 years. This is true when the Government expects pension portfolios to grow at about 6 per cent a year before charges over […]


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