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MPs press for equity-release regulation

Conservative, Liberal Democrat and Labour MPs are calling on the Government to commit itself to FSA regulation of the entire equity-release market, including home reversionary plans, to protect consumers.

At a Parliamentary debate in Westminster Hall in London on Tuesday, Tory Shadow Economic Secretary Stephen O&#39Brien, LibDem trade and industry spokesman Vincent Cable and Labour MP Lynne Jones united to urge Treasury Financial Secretary Ruth Kelly to deliver “appropriate and swift regulation”.

The MPs welcomed the Government&#39s proposal in the Pensions Green Paper, published in December, to consult on reversionary plans, which have so far been left out of FSA mortgage regulation, but they demanded promises on how and when this will be achieved.

O&#39Brien said: “It is up to the Government to let us know now what it intends to do and when, otherwise this is no more than disingenuous spin.”

Kelly said: “We have begun meeting interested parties and gathering evidence of possible or likely consumer detriment before deciding on what degree of regulation. We do not want to over-regulate. If we were to go ahead and regulate reversionary plans, we would publish a consultation paper, possibly later this year.”


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