View more on these topics

Ship creates home-reversion code and consumer complaints board

Safe Home Income Plans is creating a home-reversion code and a complaints board.

Money Marketing rev-ealed in June that Ship was looking at a code because rev-ersion customers will not be protected by the impending mortgage regulation.

Ship is setting up an independent body – the reversion complaints board – which will handle home-reversion complaints not resolved by the product provider or Ship. It will be able to authorise compensation and fines against providers of up to £25,000 if a complaint is upheld.

The board will comprise CII deputy director general Bob Bullivant, Aifa director general Paul Smee, Help the Aged head of public affairs Mervyn Kohler and Ship chairman Jon King. The chairman will be ex-Watson Wyatt partner John Hill.

Ship says it welcomes Gov-ernment regulation of home reversion but says its code is needed as an interim measure because it is unlikely that regulation will be brought in for a considerable time. Until then, Ship&#39s code of practice will be used by members.

Key Retirement Solutions managing director Colin Taylor says: “The code will strengthen consumer confidence by providing a more robust advice and sales process which complements loan regulation.”

Norwich Union director of personal finance Mark Kelly says: “It is important to create a level playing field between home-reversion plans and lifetime mortgages and this code will move us in that direction.”

Recommended

Mick McAteer

C onsumers&#39 Association principal policy adviser Mick McAteer is not known for holding his tongue about anything. He has talked the Treasury select committee&#39s ears off about what he believes is widespread misselling in financial services. McAteer has been fighting the corner for consumers who have been missold products for more than 10 years. His […]

Bristol & West broadens offset mortgage range

Bristol & West Mortgages has broadened its offset loan range with the addition of five new deals. The lender has added five new standard offset mortgages that will sit alongside those it already offers for self-certification and buy-to-let customers. A range of rates and terms are available, including a loan capped at 5.95% for two […]

Experts say protection levy of £20 &#39unrealistic&#39

Pension experts have hit out at the plans to set the pension protection levy at £300m a year, arguing that it will be insufficient to protect workers and will create a shortfall. Speaking at a Royal London fringe event at the Labour Party conference, pensions minister Malcolm Wicks said the levy would be set at […]

Arlington makes fund debut

Arlington Property Investors, which was created through a merger of Arlington&#39s investment management business with Aberdeen Property Investors in May, has unveiled its first fund. The Arlington UK balanced property fund is a Dublin-registered Oeic that invests initially in a portfolio of 18 UK commercial properties. It aims to secure a high income yield with […]

Dubai

White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.

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