White Paper

• General Information
• White Paper
• Consumer Demand
• Why Advise in this market
• The Equity Release Market
• The Need for Equity Release
• Typical Client Types
• Qualifications
• Adviser Support

SHIP’s White Paper Consultation Notes for interested parties.

Following on from consultation with members and key stakeholders SHIP would now like to invite comment and feedback from advisers and intermediaries within the equity release arena, or from other interested parties. We would like to obtain views and perceptions of the role that might be played by ‘Safe’ equity release plans.

Background

There is £1,000,000,000,000 in unmortgaged equity held by people over 65 (even taking into account the recent downturn in property prices).
 
Given that there are considerable pressures on funding people's income, living standards and care needs in retirement, it would seem logical that a proportion of that accumulated value could be used to alleviate those pressures.

But the amount of equity released each year, by people in this age group in 'safe' equity release plans, is only of the order of £1,000,000,000 a year - one one-thousandth of the amount of unmortgaged equity.

The topics to consider
 

Against this background, please consider the two following main topics:

—        Do you think there should be a more significant role for ‘safe’ equity release?

—        If so, what are the barriers to enabling it to happen?

If you feel there should be a more significant role for safe equity release then please also consider the following when taking into account possible barriers to the growth of the market:

1.       Comprehension and communication

2.       Access to Equity release

3.       Risks

4.       Equity release products

If you feel there shouldn’t be a more significant role for equity release then please explain why not.

Focus  on what you think the questions and challenges are which need to be considered in arriving at possible policy recommendations for government, regulators, industry participants and voluntary organizations, which may be included in a ‘white paper’ for ‘safe’ equity release, which SHIP are developing for publication later in the year. 

The purpose of the White paper:

Is to establish the issues faced by the industry from all quarters, including providers, customers, advisers and the various perceptions and image associated with equity release and what needs to be done to increase the use of equity release. The result will enable SHIP to build a policy platform which will allow a clear strategy for future lobbying of the Government and other related organizations.

Who should respond to this consultation?

Advisers, intermediaries, organizations operating within the equity release industry or those who are considering entering the market. Any interested party.

 What to do next:

We are interested in your views, comments and feedback. The experience and knowledge of those working in this sector must be considered and so it is vitally important to SHIP to establish what the feelings are of interested parties.

Please respond to SHIP via info@ship-ltd.org or if you prefer you may write to us at:

SHIP equity release

83 Victoria Street

London

SWIH 0HW.

Ensure you have included your name, company name, full contact details and information about the role you play within the industry. All correspondence will be treated in confidence and no reference will be made in the paper to individuals without express permission.