|
Government capitulates on equity release After years of pressure, the Treasury has finally agreed that home reversion plans should be regulated by the FSA. Rosemary Gallagher reports
|
THE announcement last Monday by the Government that it would allow
home reversion schemes to be regulated by the Financial Services
Authority (FSA) shocked and delighted an unusual alliance. Consumer
groups, charities, journalists and members of the equity release
industry have long been calling for all parts of the equity release
industry to be regulated.
Until last Monday, Treasury officials had argued repeatedly that,
while lifetime mortgages were home loans and could therefore be
i...
Related newspaper, magazine, and journal articles from HighBeam Research
|
Pension gloom sees equity release boom.
Financial Adviser
; SAFE Home Income Plan's sales figures for 2003 provided hard evidence to support the much-reported surge in the popularity of equity release. Last year saw customers release a total of AGBP1.16bn, up 36 per cent against 2002 and IFAs have played a significant role in this growth making sales of
|
|
Reversion plans U-turn; Treasury ready to regulate.(reverse mortgage law)(Brief Article)
Money Management
; In an unprecedented change of heart, the Treasury has announced that it would consider regulating home reversion plans. Previously the Government had been adamant that there was no need to regulate these plans. But in a volte-face, the Green Paper signalled that, in the interests of better consumer
|
|
Your house chopped up for cash Money: Melanie Bien asks if retired people seeking more income should sell a stake in their property to an equity-release firm
The Independent on Sunday
; After months of stating that it wouldn't regulate home reversion plans - a type of equity release scheme - the Treasury has done a U- turn. From 31 October, home reversion schemes will come under the authority of City regulator the Financial Services Authority (FSA), at the same time as lifetime
|
 "Sunday Business (London)")
|
Equity release poised for mis-selling scandal.
Sunday Business (London)
; ... go to http://www.thebusinessonline.com. Copyright (c) 2005, The Business, London Distributed by Knight Ridder/Tribune Business News. For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-65 ...
|
|
|
Fear of an equity release scandal grows among IFAs.(investment advisers)
Financial Adviser
; EQUITY release could become the next mis-selling scandal, according to the majority of IFAs. About 55 per cent of IFAs polled by GE Life said they were wary of equity release because of the vulnerability of the consumers the product was aimed at. The research also revealed many advisers still feel
|
|
|
Regulation in a halfway house Some equity release schemes are to be controlled by the FSA, others not. Emma Simon reports on the confusion
The Sunday Telegraph London
; THERE were renewed calls last week for the Government to tighten up regulation of the burgeoning equity release market. Stephen O'Brien, the shadow paymaster general, is spearheading a cross-party campaign on this backed by a diverse group that includes mortgage lenders, product providers,
|
|
|
Confusion over equity release.(survey reveals consumer ignorance)(Brief Article)
Financial Adviser
; A LARGE proportion of consumers fail to understand the concept of equity release. In a survey conducted by Norwich Union among customers over the age of 50, 40 per cent admitted to not understanding equity release. Only 8 per cent were aware of what home reversion plans were and only 21 per cent
|
|
|
Government capitulates on equity release After years of pressure, the Treasury has finally agreed that home reversion plans should be regulated by the FSA. Rosemary Gallagher reports
The Sunday Telegraph London
; ... Nationwide Building Society, which has refused to enter the equity release market until it is fully regulated, welcomed Monday's news. Stuart Bernau, the commercial and treasury director, says: "The Treasury is taking a positive step for consumers. Without regulation ...
|
|
|
Home reversion goes on the straight and narrow From next month, home reversion plans will be regulated by the FSA. Emma Simon welcomes the decision on what has been the black sheep of equity release schemes
The Sunday Telegraph London
; ... redress open to these homeowners was to pursue a case through the small claims court, which can be an expensive process. "It's good news that home reversion schemes will soon be under the FSA,'' says Andrea Rozario, at Private Finance. "It puts them on a level playing ...
|
|
|
Demand rises for CII's equity release exam after FSA move.
Financial Adviser
; Byline: Advisers flock to take equity release certificate on the heels of the FSA's new requirements equity release Almost 600 advisers have registered to take the Certificate in Regulated Equity Release in the past month. Advisers have flocked to take the CeRER qualification on the heels of recent
|