Growing support for SHIP’s equity release campaign

Equity release providers’ trade body Safe Home Income Plans (SHIP) says its campaign calling for greater clarity concerning the link between equity release and state benefits is receiving more and more support from industry associations.

The Personal Finance Society (PFS), the Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries (AMI) are all backing the initiative.

Fay Goddard, chief executive of the Personal Finance Society, said: “The issues around the interaction of state benefits and equity release are complicated.  It’s vital that intermediaries feel confident in the advice they give and that consumers feel assured of the quality of advice they receive; so we’re pleased to support this campaign as it aims to provide intermediaries with a clear understanding of when equity release might be appropriately recommended to their clients.”

Meanwhile, Chris Cummings, director general of the Association of Independent Financial Advisers/Association of Mortgage Intermediaries, said: “We are pleased to have the opportunity to put our support behind SHIP’s new campaign. Advisors operate in a very complex environment and any move which means that they are better able to help their clients is to be welcomed.”

Responding to these motions of response, Andrea Rozario, director general of SHIP, said: “Our campaign has been very successful so far and we are delighted that these associations are voicing their support. With so much change and a new secretary of state for work and pensions, now is the ideal time to tackle issues such as benefit clarification. Our campaign is gaining momentum and we hope other bodies will join the campaign.”