An All Party Parliamentary group has shown its support for the increased use of equity release

An All Party Parliamentary group has shown its support for the increased use of equity release in retirement funding.

The group met last week to discuss equity release as a key source of funding in meeting the financial deficit facing Britain’s ageing population. The group, lead by Baroness Hollis of Heigham, focused on insurance and financial services and identified a number of key issues requiring government attention, including:

  • The urgent need for initiatives to increase public trust in the equity release market
  • The need to guarantee and maintain a high standard of advice as demand grows
  • The requirement for government to increase their support for the industry as a key retirement funding solution

Commenting on the meeting, Andrea Rozario, director general of Safe Home income Plans (SHIP), said, “It is gratifying to see housing equity taking its place in the mainstream retirement funding canon. Last night’s All Party Parliamentary Group produced some excellent debate, recognising the financial challenges that Britain’s older generations face. Of course, developments must be made and challenges lie ahead for providers, distributors, government and consumers alike - but the debate produced by this group is the first vital step in bringing equity release much closer to the heart of government thinking.

“SHIP remains committed to changing the way that the equity release industry has historically been perceived. Equity release products represent a real and immediate solution to financial problems facing older people every day. Our work has led to recognition from both major political parties. We will continue to build on this success to provide a product and a solution that is both safe and very necessary.”