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    ABI News Release

    Thursday, 16 December 2004 Ref: 116/04

    “Home reversion plans should be regulated without delay”, says the ABI - Government must press forward with legislation as soon as possible -

    (153 words)

    The ABI has welcomed the Government’s commitment to legislate for the regulation of home reversion plans, but has underlined the need for urgent action.  With all political parties committed to this initiative, the ABI believes that the Government could and should act quickly.

    Helen McCarthy, ABI Policy Adviser, Pensions and Savings, said:

    “Together with a coalition of interested organisations, we have been pressing the Government to speed up its plans to regulate home reversion plans as a matter of urgency.   The sooner the Government brings in legislation, the sooner the FSA can start the process of developing detailed regulations for the sector. 

    “Equity release is an important element of the larger retirement picture.  Regulation of home reversion plans will ensure there is a level playing field with lifetime mortgage products, which already come within FSA regulation, and ensure that there is protection for the consumer across the whole of the equity release market”.

    - ENDS -
     

     

     



    Notes


    1. Enquiries to:
     Alan Leaman  020 7216 7440 (Mobile: 07957 482330)
     Lucy Butler  020 7216 7411 (Mobile: 07712 841184)
     Malcolm Tarling  020 7216 7410 (Mobile: 07776 147667)
     
    2. The ABI is the trade association for Britain’s insurance industry. Its more than 400 member companies provide over 97% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold more than a fifth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

    3. An ISDN line is available for broadcasts.

    4. The ABI has partnered with a significant number of other interested organisations to press the Government to speed up its plans to regulate the home reversion type of equity release product.  Partner organisations include AIFA, Association of Mortgage Intermediaries, Help the Aged, National Consumer Council and SoFA.

    Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk

    116/04