SHIP differentiates between state benefits and equity release

Safe Home Income Plans (SHIP) is calling on advisers to add their voices to a campaign to clarify the relationship between equity release and state benefits.

SHIP has launched a questionnaire to gather as much information as possible from advisers on their opinions and experiences. The organisation is concerned that the Department for Work and Pension’s (DWP’s) advice is currently inconsistent and confusing for both advisers and customers.

The aim of the new campaign is to clarify exactly what impact equity release may have on state benefits and to make sure that the regulator and government are aware of the issues facing advisers and customers. SHIP wants to see clear, definitive guidelines published for all, including DWP staff, advisers and the Financial Services Authority.

Director general of SHIP, Andrea Rozario, said: “The government is in a state of change and older customers must not be sidelined. We have launched this campaign to provide some clarity and guidance to both advisers and their customers. Our aim is to make the process transparent and accessible for everyone”