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Poll shows brokers want Widows on board Ship

Two-thirds of Money Marketing readers believe that Scottish Widows should join Safe Home Income Plans.

Pressure is mounting on Widows to take part in the equity-release trade body after it was ordered by the FSA last month to alter its key facts illustration. The KFI was criticised for stating it is up to the lender rather than the customer to decide where any claim money from a buildings insurance policy goes.

After it changed the KFI to state it is up to the customer, brokers reacted by saying that Ship’s scrutiny of products would have picked up the error.

Widows, which insists that it is comfortable with its position outside Ship, does not conform to all four product guarantees to be eligible for membership and is the only major provider with a full-blown offering, other than those in the application stage, not to be part of the body.

Ship chief executive Jon King says: “We would be delighted to talk to Widows but the product would have to be altered. We are an inclusive group and we would welcome any company that matches our guarantees.”

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