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Treasury sets date for home reversion regulation

The Government has today published the secondary legislation to bring home reversions and Islamic mortgages into regulation.

The changes will ensure that consumers of equity release products and Shari’a law-compliant home purchase plans will benefit from the protections afforded by Financial Services Authority regulation, and will take effect from 6 April 2007.

Economic Secretary Ed Balls says: “I’m delighted to announce changes which will offer valuable new protection for consumers wanting to release equity from their home and for people taking out Ijara home finance plans.”

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