Dean Mirfin, Business Development Director, Key Retirement Solutions comments on the speech: “Key Retirement Solutions welcome this announcement which we view as a positive step in the process of achieving full FSA regulation for Home Reversion plans. We look forward to further consultation on how this new regulation can be enacted in smooth and timely manner which complements existing mortgage regulation.
“Home Reversion products currently account for only 5% of the total value of equity release plans sold (Q1 2005)* but with the widening perception that the housing market is slowing, their relative attraction is likely to increase. With this potential growth and in order to build consumer confidence in the industry, we urge the government to implement these changes quickly in order to bring the entire equity release industry under one regulatory regime.”
