View more on these topics

Trevor MacDonald to take another pop at equity release

Trevor MacDonald is to take another look at equity release in the autumn, he revealed on Monday’s episode of Tonight.

The original documentary on equity release aired on March 19 this year and focussed on the legacy of shared appreciation mortgages and home income plans sold in the 1980s and 1990s, using emotive case studies.

It drew widespread criticisim from within the industry, with claims that it did not represent the current market fairly by putting too much emphasis on products that are no longer available.

But consumer champion Martin Lewis claimed that equity release would soon be the next big mis-selling scandal.

Trade body Safe Home Income Plans says that this time it is hopeful that the programme will give equity release a fairer hearing.

Jon King, chief executive of SHIP, says: “I am always delighted to work with mainstream television if it is looking at equity release, as it is important that consumers become more aware of the products.

“The last programme used case-studies who had signed up for products which were all pre-SHIP or not SHIP-approved, so in a way, what better advertisement can you have for our standards?

“But, I hope this time around the programme will be more balanced and that if I am interviewed for 15 minutes it will not be cut down to a minute and a half like last time.”

Recommended

Barclays may be forced to scrap “Nazi” eagle logo

Barclays may be forced to scrap its 317 year-old eagle logo due to concerns from ABN Amro, its Dutch merger partner, that the design has Nazi connotations, press reports have claimed.The bank, which has already agreed to move its head office to Amsterdam if the £96bn deal goes ahead, is likely to adopt ABN’s stylised […]

Openwork POS averaging 485 applications a day

Openwork has revealed its mortgage point of sale solution is averaging 485 applications per day. Openwork Trading Platform for Mortgages was rolled out on a phased basis from winter 2006 and is currently being used by 2,600 advisers.To date, 54,000 new applications have been submitted since the launch of the solution, which averages at 485 […]

FSA approved firms dropped by 688 last year

The Financial Services Authority’s annual report today revealed the number of approved firms dropped by 688 to 28,281.The number of approved persons fell by 2,455 to 164,821.The FSA’s annual report slows the regulator levied £14.66m in financial penalties during the year compared to £17.43m last year.Of the 74 targets the FSA set itself for 2006/07, […]

RBSIP unveils fixed rates

RBS Intermediary Partners has unveiled new rates in its First Active fixed rate range. These include a two-year fix which will only be available online at 5.99% with a £699 arrangement fee.

Newsletter

News and expert analysis straight to your inbox

Sign up