Calls for single equity release trade body

Experts within the equity release industry are appealing for a single trade body to represent the sector. There are currently four main organisations: Safe Home Income Plans (SHIP), the Society of Equity Release Advisers, the Equity Release Solicitors’ Alliance and the Independent Equity Release Advisers Alliance.

Managing director at Retirement Plus, Duncan Young, explained to Money Marketing that when a business segment approaches the government it needs to have one “coherent voice” to get its point across. “The more support you have, the more your argument will be heard. If you put the bodies together, you will save money,” he said.

And others agree. EquityCare chief executive, Tim Eadon, told the financial news site: “There is no point in having small, well meaning organisations that are doing nothing. What is their purpose? If their purpose is to break down barriers for individuals and clients, then all well and good but they cannot do this because no one has heard of them.” He added that SHIP seems to be the most appropriate organisation to represent the sector.

However, spokespeople from the trade bodies, including Society of Equity Release Advisers chairman, Simon Chalk, and Safe Homes Income Plans director general, Andrea Rozario, said having just one organisation might not be practicable at the moment. The most important thing to focus on at the moment, according to Mr Chalk, is putting “advice at the heart of everything”.