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Ship wants state scheme statement

Safe Home Income Plan chairman Jon King has challenged the Government to provide greater clarity on its views on the future of the equity-release market.

King’s call comes after Money Marketing revealed last week that proposals are being drawn up by consu- mer group Which? to be presented to the Treasury for the establishment of a state-run equity-release scheme.

MPs attacked “misleading” equity-release ads in Parliament last week and King wants the Government to say whether it supports equity-release as a means of funding retirement income.

He says: “We want their position to be made clear on whether equity-release should be brought into the mainstream. We have a vibrant private sector so it would be beneficial for the Government to come out and say whether they support the market.

“The idea of a state-run scheme was floated at the Labour party conference a couple of years ago but we have heard nothing since.”

The Treasury refuses to comment on the market or on the possibility of laun- ching a state-run, not-for-profit scheme. It first wants to see the research from Which? which is expected later this year.

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