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NU hits back at Nationwide&#39s criticism of equity release schemes

Norwich Union has responded to Nationwide&#39s prediction that equity release will be the next misselling scandal, saying the comments are alarmist and do not paint a fair picture of a growing market.

Personal finance director Mark Kelly says: “Equity release plans do have their place but, like any other financial product, will not be suited to everyone. It is dangerous and harmful to assert that because equity release plans are sold to the over 55s, that they are being missold.”

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The Government has sensibly conceded regulation of home-reversion loans. The move had been resisted by the Treasury which argued there was little evidence of consumer detriment. But there was a clear moral hazard in regulating equity release but not home-reversion plans. But there is still likely to be a regulatory gap because regulating home reversion […]

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