View more on these topics

Ship&#39s home-reversion code &#39does not include compensation scheme&#39

Safe Home Income Plans&#39 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&#39s 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.”

Recommended

Stewart takes over top role at BAM

Britannic Asset Management&#39s chief operating officer Gavin Stewart has been appointed chief executive following the departure of Leslie McIntosh. McIntosh was appointed less than three years ago but BAM&#39s board believes the company is entering a phase of development which requires a “different set of skills”. It says Stewart&#39s experience of developing business opportunities is […]

Split-cap pioneer fights FSA

Former Brewin Dolphin head of split caps David Thomas is appealing an FSA decision blocking his attempt to come out of retirement by refusing to authorise him. Thomas, said to have developed the modern split-cap structure, is appearing before the Financial Services & Markets Tribunal between June 22 and 25.

Shaw thing

The Diary has been waging a campaign against Express hackette Esther Shaw for the past few weeks after she took the Headline Money trade team award home for safekeeping while the editor went on drinking on the night of the awards. We print the latest email from Esther which details how MM&#39s news editor now […]

Portal poised to crack Egg investment deal

The Money Portal is understood to be on the brink of signing a deal to acquire the investment platform of online banking and financial services firm Egg. TMP, which is targeting nine firms for acquisition, is understood to want Egg&#39s entire investment operation, including its fund supermarket and Isa and Pep centre, in a deal […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment