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The Treasury has published a consultation document seeking views on whether the sale of home reversion plans should be regulated by the Financial Services Authority (FSA).

Financial Secretary Ruth Kelly says: &#34The target market for home reversion plans tends to be elderly people who have paid off their mortgage. Whilst informal discussions with stakeholders have provided no evidence of consumer detriment, the market is growing rapidly. It is therefore sensible to consult now on whether the sale of such plans should come within the scope of regulation by the FSA.

&#34The purpose of the consultation is to arrive at a more in depth analysis of the costs and benefits of regulation.  We are seeking information on the wider equity release market and any evidence of consumer detriment in the selling of reversion plans, as well as views on the possible impact of regulation.&#34

The consultation period extends until 31 January 2004.


Mortgage Brain launches compliance events at sporting venues

Mortgage Brain is launching a series of electronic trading and compliance events in the new year at major sporting venues across the UK. Providing a forum for introducers to discuss topical mortgage issues, Mortgage Brain&#39s free premier events will be held at various sporting locations throughout January and February 2004. Introducers attending the events will […]

Service winners at inaugural awards

Last month saw Pink Home Loans&#39 inaugural Service Awards, held in association with Mortgage Strategy. Lenders and brokers were recognised for their efforts in front of 230 guests at Birmingham&#39s Botanical Gardens. Lender winners included Intelligent Finance – flexible lender of the year; Northern Rock – equity release lender of the year; GMAC – sub-prime […]

NAEA concerned about Housing Bill

The National Association of Estate Agents says it has serious concerns about the instant marketing of properties in the government&#39s upcoming Housing Bill. The association says that the Housing Bill as it stands would effectively make it impossible to even tell someone a property was available until the Home Information Pack was produced. Peter Bolton […]

Standard Life Bank launches equity release mortgage

Standard Life Bank has launched its equity release mortgage, Freestyle Home Cash Plan. With a current fixed rate of 6.9%, the bank&#39s entrance to this growing market follows a long period of careful preparation, taking into account the needs of its customers and in particular the need for them to know the risks of equity […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]


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