View more on these topics

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.”

Recommended

FSA can see the wood for the trees

In last week&#39s Money Marketing editorial leader, the FSA was accused of being somewhat presumptuous in publishing its discussion paper on the options for regulating the sale of simplified investment products (DP19).Paraphrasing Ms Piggy, presumptuous – moi?This article sets the background to DP19 and answers the questions – Why now? Why the three options we […]

Green Paper fails to recognise public distrust of annuities

Unfortunately, there is nothing in the Pensions Green Paper which is likely to make the slightest difference to the public&#39s ingrained distrust of and lack of confidence in private pensions.Whether or not Joe Public still believes that the state will look after him if he makes no provision of his own is another matter. If […]

Vested interests

I have a substantial fund held within various unvested personal pension arrangements with leading providers. As I have significant additional assets, I have not needed to use these funds but am now fast approaching my 75th birthday and understand that I will be forced to purchase an annuity. Can you please advise me on the […]

Buy-to-let boost from Mortgage Intelligence

Broker club Mortgage Intelligence is creating a commercial lending panel and a development finance scheme for members with clients who want to develop their buy-tolet business.It plans to unveil the initiative by the end of the month and it is aiming at investors looking to expand their property portfolio but facing difficulties getting sufficient funds […]

The Perils of Passive Investing

The era of loose monetary policy created an environment that rewarded passive investors in the US. However, with the US raising interest rates for the first time since 2006, Felix Wintle explains why he believes active investing will be more important than ever. In the video Felix discusses: The rising cost of capital and its […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com