LV= “delighted” by SHIP announcement

Equity release trade body Safe Home Income Plans (SHIP) has appointed a Formation Committee headed by Paul Smee, formerly of the Association of British Insurers (ABI) and the Association of Independent Financial Advisers (AIFA).

The committee will develop, in full consultation with stakeholders, a blueprint for how this organisation might look. The initial review of the findings will be presented during the third quarter.

Paul Smee, chairman of the SHIP Formation Committee, said: “SHIP has done much to improve the image of the equity release industry and actively engage with relevant stakeholders.

“I am therefore pleased to have been appointed to head their Formation Committee which will look to build on this good work and develop a blueprint on which to build a stronger industry.”

Responding to this announcement, Vanessa Owen, LV= head of equity release, said: “As an active member of the formation committee we are delighted that someone of Paul’s calibre has taken up the challenge to help us steer this change programme.

“There is a way to go yet, but we are confident with his guidance we will be able to build a robust organisation to continue to take the equity release industry forward.”