Safe Home Income Plans' final draft for the voluntary regulation of home-reversion schemes is understood not to include financial compensation for complainants.
Sources close to Ship say the complaints procedure for the new code will include the possibilities of fining the provider, suspending it or terminating its membership of the organisation but there will be no compensation scheme.
Ship is also understood to be planning to introduce a standard letter, which consumers will be asked to sign to prove the advice they were given is correct and that they were shown alternatives to taking out an equity-release product.
Concerns have been raised over the length of time it will take for home-reversion regulation to be introduced, with suggestions that it could take up to two years.
Ship's voluntary code will cover the sector in the meantime.
GE Life product manager Simon Little says: “As a non-regulated entity, it is difficult to see how Ship can go any further than this. What they are doing is picking up the reins in the interim period and this has got to be applauded.”