SHIP - the self regulating body which represents 90% of the equity release market - says it is also introducing tougher new rules later this year on lifetime mortgage and home reversion schemes.
Until now, the Safe Home Income Plan group (SHIP) has self-regulated its members to try and offer consumers protection against potential mis-selling problems and errors in product design, but was one of the voices which argued the Government should adopt home reversion plan regulation.
Given the government's move to regulate these products, Jon King, chairman of SHIP, says the group will toughen its conditions as home reversion plans are unlikely to be regulated until 2005.
SHIP was created in 1991 to provide educate consumers on the intricacies of equity release and provide providers with a combined lobbying voice.IFAonline
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