The fraud working group will bring together the equity release trade body’s members, advisers and solicitors to implement good practice guidelines across the industry to combat fraud in equity release.
SHIP also said it intended to build relationships with suitable organisations to share information and raise fraud protection standards.
Immediate priorities of the fraud working group will include establishing SHIP representation at the Mortgage Fraud Forum.
Andrea Rozario, director general of SHIP, said: “A person’s home is often their largest and most valuable asset – both financially and often sentimentally. Therefore the decision to release the equity from it is a big one and it is important that consumers have confidence in the safety of the products they have chosen.
“SHIP’s code of conduct has helped to protect customers and build the reputation of the industry. The fraud working group will work to develop industry guidelines to further increase standards and guidelines which will ensure the ongoing safety of customers.”
