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.