KRS backs government on Home Reversion plans

Key Retirement Solutions has welcomed the governments response to definition of Home Reversion plans

Dean Mirfin, business development director at Key Retirement Solutions, says: “We view this as a positive step in the process of achieving full FSA regulation for Home Reversion plans.

” We look forward to further consultation on how this new regulation could be enacted in smooth and timely manner which complements existing mortgage regulation.

“Home Reversion products currently account for only a small percentage of equity release plans sold, but with the widening perception that the housing market has reached its peak, their relative attraction is likely to increase.

“With this potential growth in 2005 and to build consumer confidence in the industry, we urge the government to implement these changes quickly in order to bring the entire equity release industry under one regulatory regime.”