Ship and Key Retirement Solutions are both unanimous in welcoming Government progress in defining home reversion plans.
The Treasury has published a summary of the responses to its consultation paper on the definitipon of homer reversion plans.
The decision to regulate home reversion schemes means that all equty release products will be offered within the same market framework and consumer protection.
Ship Revershions Board chairman Graeme Marshall says: “We look forward to seeing the draft definitiona nd hope the Government will demonstrate its support for the equity release market by moving the relevant legislation rapidly through the parliamentary process.”
KRS business development director Dean Mirfin says: “With the potential growth in 2005 and to build consumer confidence in the industry, we urge the Government to implement these changes quickly in order to bring the entire equity release industry under one regulatory regime.”