SHIP supports FSA equity release proposal

A new initiative that has been proposed by the Financial Services Authority (FSA) has won the approval of equity release trade body Safe Home Income Plans (SHIP).

The FSA has said it is considering reviewing long-term care, mortgage and equity release qualifications every three years.

In response, Andrea Rozario, director general of SHIP, said: “SHIP welcomes the FSA’s examination consultation paper as a way to evaluate financial qualifications and frameworks.

“Qualified financial advisers are invaluable to the equity release industry in particular and regular qualification reviews will reassure consumers that all active members of the market are working to provide them with the best possible advice.

“Financial markets are constantly evolving, so I agree that the appropriate examination standards should be updated every three years.”