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Ship expecting exits and entrants in equity release

Ship says it expects a number of providers to leave the equity-release market in 2009 although it believes they will be replaced by new firms.

Director general Andrea Rozario says she expects that companies will drop out of the organisation next year but only because they are leaving the market, not because they want to operate outside Ship’s rules on issues such as providing a guarantee of no negative equity.

Equity release is expected to see an increase in intermediary activity next year but Rozario that there is no excuse for anyone to come into the industry “half-baked”.

She says that advisers must be fully trained and up to speed on the product. She says: “Our members will only accept adv- isers who are fully qualified and we will not accept execu- tion-only business.”

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