In it’s discussion paper, “Facing the Future,” SHIP lists a number of bodies and organisations with whom they want to have discussion and debate, which include the Government, The Financial Services Authority, and intermediaries. However, whilst it mentions involvement of some consumer bodies in the discussions ahead there is no mention of direct discussion with consumers themselves.
Dean Mirfin, Key Retirement Solutions group director, said: “It is inconceivable that such an important process should exclude direct consumer research, and we urge SHIP to engage with those who matter the most, the customer, to help with the shaping of the market in the UK. The discussion paper highlights the limited intelligence for the equity release market and we believe that some of the more meaningful data rests with today’s and tomorrow’s consumers.
“Intermediaries play the greatest part in the link to consumers, now arranging almost 2/3rds of all SHIP equity release business in the UK. SHIP as a lender body does not have direct access to consumers and, as a result, will need to work closely with intermediaries such as Key and their customers to effectively research the needs and demands which they face. Key is committed to the development of the equity release market and ensuring that consumer needs are a central part of that development.”
