View more on these topics

SHIP fees will rise 400% to pay for new staff

Safe Home Income Plans has revealed it is increasing its fees from £6,000 a year to £24,000 to pay for a full-time director-general and two members of support staff.

Following a strategic review by non-executive chairman Laurie Edmans, SHIP decided to increase its staff levels and set up a central London office.

As all SHIP activity until now has been undertaken on a voluntary basis, membership fees will have to increase fourfold to fund the new staff, a move which SHIP says is supported by members. The increase will come into effect next January.

The director-general will focus on developing SHIP’s strategy and communicating with stakeholders in the industry, including independent financial advisers, product providers, consumers, the media, regulators, consum- er groups and the government. SHIP’s primary aim will remain en-suring that equity release products are safe for consumers,

but a new priority will be to raise the profile of the sector and awareness of how it is evolving.

Once appointed, the director-general will work with the organisation’s main board, including representatives of all 21 SHIP members who meet twice a year to decide its direction.

The director-general will also work with a newly formed management board, which will meet 10 times a year to execute the main board’s decisions.

The management board will in-clude Edmans, a deputy chairman and five directors drawn from member companies who will act as topic leaders for major issues facing SHIP.

The five topic leaders will include Simon Little, product manager of eq-uity release at Tomorrow, who will act as lifetime mortgage leader and Gra-eme Marshall, chief executive of Home & Capital Trust, who will act as reversions leader.

Jon King, chief executive of SHIP, says: “Actions speak louder than words and the fact that members have agreed to higher membership costs shows how committed they are.”

Dean Mirfin, business development director at Key Retirement Solutions, says: “The principle of having a full-time director-general is a good one, but the crucial issue is who SHIP gets for the job.

“It will need to be someone with good awareness of the market who can comfortably mingle with the equity re-lease industry’s big players.”

Elizabeth Boardall, head of marketing for post-retirement products at Norwich Union, says: “We support this step towards maintaining the equity release market. It will encourage robust product development and the use of appropriate advice from qualified advisers.”

Recommended

KGB launches mortgage desk

KGB Packaging has launched a mortgage desk as part of its adviser subsidiary Mortgageability. The service is aimed at CeMAP-qualified self-employed brokers who want to work in a busy mortgage environment while retaining their independence.

Commercial First appoints BDM

Commercial First has appointed Sally Williamson as BDM for Northern Ireland. She joins from InterBay and has a decade of experience in mortgages and financial services, including a period as a self-employed mortgage broker and a spell at Friends Provident.

C&G launches intermediary-only trackers

Cheltenham & Gloucester is launching a new range of intermediary-only tracker products, available from Monday June 25 2007. The two-year trackers, term trackers and buy-to-let two-year trackers are available for both house purchases and remortgages, for loans ranging in size from £25,000 up to £1m. The 100% two-year tracker is available for house purchases, for […]

MI adds CMS to its panel

Mortgage Intelligence has added Commercial Mortgage Solutions to its panel.CMS will provide Mortgage Intelligence members with a whole of market choice for commercial enquiries.Sally Laker, managing director of Mortgage Intelligence, says: “Mortgage Intelligence has always stood for providing the best in products, service and compliance support to our appointed representatives and members. “Our decision to […]

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations

Newsletter

News and expert analysis straight to your inbox

Sign up