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Latest News
Reversion schemes now regulated
From April 2007 the Financial Services Authority now regulate and oversee the sales and advice of ‘Reversion Schemes’. Although less popular than Lifetime Mortgages, it is estimated that these schemes could account for 1 in 5 of all Equity Release sales if sold correctly.
Equity advice challenge S.H.I.P
Earlier this year it was announced that advisers should hold a recognized specialist exam to be able to place business with S.H.I.P. (Safe Home Income Plan) members. Equity Advice welcomed this move announced by S.H.I.P. as an ongoing indication of their professional commitment to raising standards. However it is reported that this requirement may be 'watered down' to allow advisers under 'supervision' to advise. Stuart Wilson of Equity Advice commented “S.H.I.P. must stand firm on this issue, ideally insisting on exams to be held by this August, if they DO allow supervision then it must have a detailed set of rules to ensure that this cannot be exploited as a 'loophole' for less skilled advisers to manipulate to the publics disadvantage.”
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