Rozario claimed that the sector needed to build up confidence among the public. She claimed that it was important for advisers to instruct their customers that equity release is not as suspicious as some media reports have led them to believe.
Rozario claimed that SHIP had a role in educating people too and that customer satisfaction was becoming more prevalent. She claimed that advertising for equity release and negative press coverage had reinforced an air of companies ‘perpetuating fear’, and argued that suppliers and SHIP had ‘proven that the products are safe and the media should have a moral obligation to publish and present the true facts’.
In regard to the immediate future of the sector, Rozario said: “There is a lot that SHIP can do and the members have a passion for equity release. What we need to do is put instructions in place and formalise ideas and make a priority of order. People need to be aware of what equity release involves so we can safeguard the change in customer needs.
“We are entering a generation where the baby boomers are coming of age and they have very difficult needs as they have properties that are worth money but can be in situations where they have little money to spend.”
In reference to encouraging larger banks into the equity release market, Rozario claimed that if this was possible, it would have a positive knock-on effect for the industry and would improve confidence.
She said: “People are becoming more aware of equity release and its benefits, but we need to encourage them even further. The key factors are education, safe products, new markets to uncover and innovation in products. We need to take away the image that this is a last resort and people need to make sure they know it and are not paralysed by fear.
“All members have one common goal – to make the market grow – and we need a clear mission for what SHIP will achieve. My job is to pull it all together. We are trying to get equity release on the agenda for all IFAs – we want them to talk to their clients about it and refer leads to an expert.”
Jayne Almond, chief executive officer of Stonehaven, said: “There is a need to increase the market and when issues come up the objective is that equity release is promoted.”
Duncan Young, managing director of Retirement Plus, said: “The sheer goodwill that exists between providers, brokers and SHIP to make things work is very positive – without goodwill nothing will be achieved.”
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