Ship has announced plans to appoint a full time director general and support staff to expand its resources after a strategic review.
Previously all Ship activity has been completed on a voluntary basis by its members.
Non-executive chairman Laurie Edmans says: “The decision to appoint a new full time director general represents a real advance for Ship. It highlights the united desire of Ship members to increase activity within the equity release market whilst continuing its positive work to raise standards of advice for customers and IFAs.”
Edmans and current chief executive Jon King will form an implementation board to appoint a director general and start the new management structure which is set to be operational by January 2008.
The director general will work with a main board of Ship members to make decisions for future activity while a new management board will supervise the execution of activities determined by the main board.
Norwich Union head of marketing Elizabeth Boardall says she believes the move will increase public understanding and confidence in the equity release market.
She says: “We would hope that alongside appropriate advice for consumers and technical and practical support for advisors, SHIP’s plans will work towards evidencing how equity release can be a viable and flexible post-retirement option.”