With the impending introduction of home reversion regulation on 6 April, Bridgewater Equity Release Limited, has appointed Newcastle-based TH_NK to implement an online system, branded ‘EQUiP’, which will enable equity release advisers to produce a key facts illustration (KFIs) and speed up the Bridgewater application process.
EQUiP, which will go live on 6 April, forms part of a major investment from Bridgewater to ensure that its processes, financial promotions and documentation are all fully compliant and in line with the Financial Services Authority (FSA) home reversion regulation.
Angela Haworth, operations manager at Bridgewater Equity Release, commented: "The EQUiP system will enhance the administration of our home reversion plans by providing a single data entry point. The system will enable Bridgewater’s administrators to generate offer KFIs for clients, enable advisers to manage client records and significantly reduce any duplication of work."
Ryan Hall, head of business development at TH_NK, said: "We’re very pleased to have won the contract with Bridgewater to deliver such an innovative piece of technology. The EQUiP system will provide a fast and efficient service for advisers as well as help Bridgewater to process and track applications internally. Regulation will only serve to increase competition within the home reversion sector so it’s essential that we provide a well designed product which will continue to differentiate Bridgewater as the market leader in this field.
"This comes at an exciting time for TH_NK as we continue to expand our client base and our team, helping our client’s businesses become dynamic players in the online world."
The regulation requires providers, arrangers and advisers of home reversion products to abide by the FSA’s principles and rules to Treat Customers Fairly (TCF). It will level the regulatory playing field with the other equity release product option – lifetime mortgages.
Haworth added: "The aim of the entire equity release industry is to ensure consumers feel comfortable and well informed about such an important life changing decision, we’re confident that with the introduction of regulation, home reversions can be seen as a viable, safe option for consumers. The standards set by the regulator help ensure a consistent level of information is provided to consumers."
