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SHIP refutes ITV equity release mis-selling scandal claim

Safe Home Income Plans has refuted Martin Lewiss claim on Tonight with Trevor McDonald, that equity release will become the next major mis-selling scandal.

Jon King, chief executive of SHIP, says: It made good TV but the programme was not as well-balanced as I would have liked.

Customers should always look for the SHIP guarantee, even when equity release comes under Financial Services Authority regulation, as regulation cannot guarantee good products.

None of the products described in the programme were covered by SHIP and the problems outlined by the case studies would not have arisen if they had been.

I categorically refute Lewiss claim that equity release will be the next big mis-selling scandal.

He adds: Modern equity release products bear no resemblance to the products described in the programme, many of which date back to the 80s.


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Choice is a good thing, including in sub-prime

I read numerous editorials and articles every week from leading figures in the industry, and never fail to be interested in the different points of view ex-pressed in these.

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The Financial Services Authority moves towards a principles-based approach to general insurance regulation, it has revealed in an interim report today.The report demonstrates that consumer experiences and risk of detriment vary substantially across the various markets for general insurance products. The FSA has decided, therefore, to consider a differentiated and more principles-based approach to insurance […]

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