View more on these topics

Nationwide rules out equity-release plan

Nationwide Building Society will not enter the equity rel-ease market

until a level playing field is created, where the entire sector,

including reversionary plans and not just mortgage products, is

regulated by the FSA.

At an equity release seminar chaired by Conservative shadow paymaster

general Stephen O&#39Brien MP in London this week, Nationwide consultant

Mark Titterington said the company does not have a home reversionary

product and in the present climate is unwilling to develop one.

Nationwide said barriers to entry include whether the FSA can come up

with a def-inition of misselling to cover home reversionary plans and

a quality assurance mark.

Britannic Retirement Solutions says the enormous potential of the

equity release market, with 3.8 million homes in the UK owned

outright by people over 65, is being held back by the reluctance of

such reputable providers to enter the market.

The Consumers&#39 Association, Age Concern, Help the Aged and the ABI

all joined the call for full regulation, with the CA warning that the

alternative “will be misselling without question”.

The ABI has set up a working group of members providing equity

release and will put its case for complete regulation in its response

to the Pension&#39s Green Paper this week.

All parties agreed that regulation should make the provision of

advice necessary in equity release transactions, with Help the Aged

saying: “People need shedloads of advice from people who are

competent.”

Conservative Shadow Chancellor Michael Howard said: “If something can

be done to save people from the unscrupulous, then it should be.

“We are not normally in favour of more regulation but never advocate

the position of no regulation.”

Recommended

AITC backs call to retain Isa tax credit

The AITC has joined forces with five other financial organisations to urge the Chancellor to retain the equity ISA tax credit.Alongside the Pep and ISA Managers’ Association (PIMA), the Investment Management Association (IMA), the Association of Private Client Investment Managers and Stockbrokers (APICMS), Proshare and the Association of Independent Financial Advisers (AIFA), the AITC is […]

Tax relief but little rate relief for Isa savers – IF

Not one of the top ten paying instant mini-cash Isas launched in 1999 when the savings wrapper came to market remains in the top ten paying accounts today according to new research from Intelligent Finance.Only two managed to last out the first year before slipping out of the top ten the online bank says.IF says […]

What&#39s for lunch?

The Budget has been delayed again this year. Concern over the effectsof war in Iraq and growing gloom over economic recession mean theChancellor needs all the time he can to get his house in order.This Budget is unusual for a number of reasons. It is rare to have anApril Budget and it will be the […]

First-time buyers fall to lowest ever level

Lending to first-time buyers fell below 30 per cent of the total forthe first time ever in February as advances eased off across thewhole market, according to figures from the Council of MortgageLenders.It says total gross advances fell by more than 8 per cent last monthto £17.8bn from £19.4bn in January.The Building Societies Association says […]

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]

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