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 Home equity release set to be regulated

 

Tuesday, May 11, 2004


People who take up home reversion plans will get better protection under Financial Services Authority regulation, the government announced today.

The plans allow people to sell all or part of their home in return for a lump sum and the right to remain in the house rent-free until they die or move home. The company that provides the home reversion plan can then sell the property.

Financial Secretary Ruth Kelly said that buying a home reversion policy is a huge financial decision. “It can have significant implications for tax, benefits, inheritance and long-term financial planning," she said.

Regulation will help people to make informed choices, offer valuable consumer protection and make sure that there is a level playing field in the equity release market.

A consultation on plans to regulate home reversion schemes showed support for the government's proposals. Legislation to regulate home reversion plans will be brought forward as soon as parliamentary time allows.

Mortgage-backed equity release schemes will be covered by mortgage regulations to be introduced in October.


 
 
     
     
 

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