View more on these topics

In Retirement Services in administration

Equity-release provider In Retirement Services has been placed in administration.

In Retirement was backed by European private equity firm 3i and was one of the UK’s biggest equity-release providers. The company was reliant on the wholesale markets for funding.

Deloitte has been appointed administrator of the business and property of In Retirement Holdings Limited.126 staff have been made redundant and 54 will be retained as administrators try to sell on the business.

Deloitte says the company’s insolvency should cause no concern to In Retirement Services’ clients in respect of the ownership of their home.

A Deloitte spokesman says: “It has not been possible to secure funding to enable the group to remain outside of an insolvency process.

“We are working with management to determine the best strategy for maximising value for the group’s stakeholders and preserving the continuity of services to its 14,000 customers.”

Retirement Plus managing director Duncan Young says: “This is very sad. In Retirement Service was an exponent of quality business and good customer service.”

Key Retirement Solutions group director Dean Mirfin says its no surprise that equity-release providers are suffering. He says: “It is going to be hard for providers with direct salesforces to sustain themselves as they are put under further financial pressure.”

Recommended

RDR charging raises platform fears

Administering adviser-charging through platform cash accounts could create confusion as to whether the fund provider or platform is responsible for overseeing the process, say industry experts.

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. As a customer of IRS, I understood that I could draw down more cash against my house. Does this still apply or do I have to start again with another company?

  2. A friend of mine took out a lifetime mortgage with In Retirement Services approximately 5 years ago. Last year the company went into administration.
    My friend had elected to take the money allotted to her in tranches, which dried up when the company went into administration.

    Since then she has been unsuccessful in attempting to either find another provider or getting any form of compensation. She has been in touch with Ship, but they don’t appear to be doing anything to help.

    Do you have any advice?

  3. As a In Retirement Services Can i still draw money from my house or start with another company ????/

  4. A complaint against the original application made for equity release by our father. £60,000 in return for 83.94% release. Total top off and bed advice given.

Leave a comment