Equity release warning after con man jailed

Posted in General

12th May 2010

People considering an equity release scheme should be careful that they only do business with a recognised supplier, after a con man was jailed for stealing from homeowners.

Michael Mawdsley took a total of £1.6m from his ‘customers’ by tricking them into handing over money for supposed financial services.

He even offered some victims ‘equity release’, although it bore no relation to the real thing.

Most companies who offer true equity release schemes are members of SHIP. They must observe the code of conduct and will display the SHIP logo on their brochures.

The code of conduct protects homeowners from fraudulent firms to offer them peace of mind when entering into an equity release plan.

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