Colin Taylor, managing director of Key Retirement Solutions, says: “The code is great news for consumers. In the lead up to regulation of home reversions by the FSA, the code will strengthen consumer confidence by providing a more robust, tough advice and sales process which complements mortgage regulation.
“The high calibre complaints board is a further sign of how high on the agenda consumer protection is for SHIP members offering reversion schemes.
“I believe that this will create a more level playing field between home reversions and lifetime mortgages, allowing the issue of regulation not to be the prime consideration when making a recommendation to a client, or in the client's own selection. Product suitability will be at the front of the advice process once more.”