Equity Release industry believes UK government should do more
A recent poll found that 81% of equity release stakeholders believe the UK government should offer more support to the industry in future.
During the equity release debate held by Eversheds and SHIP on 28th April 2008 service providers, intermediaries, consumer groups and charities were asked about the future direction of the industry. Results show that the industry feels the government has a greater role to play in raising awareness of equity release as a means of financing retirement and 87% believed advisers have an increased role to play in highlighting customer benefits.
1% believe there will be increased innovation as a result of the financial crisis and 66% agreed that over the past six months impact that consumer distrust of financial institutions has had an adverse effect on the industry.
Equity release expert and partner at Eversheds international law firm Kathryn Roberts, added:
“The results of the survey are indeed encouraging as they indicate broad consensus, both on the way forward for the industry and its relevance in this unprecedented economic climate. Contrary to some views that have questioned the future viability of the industry, these findings, coupled with the sector’s latest set of financial results, confirm that it is highly resilient and will have an increasingly important role to play in providing alternative retirement financing solutions amid the current downturn and beyond.”
The director general of SHIP Andrea Rozario, said:
“This research highlights the incredibly important role that advisers must play in driving the growth of the equity release industry. Recent developments in adviser training and regulation have laid the foundations for a set of advisers who are able to fully communicate the benefits and suitability of equity release to their customers. The debate also recognised the need for financial intermediaries without equity release qualifications to refer on suitable customers to an adviser with the necessary experience.
“Ultimately, given the current economic climate and the launch of our White Paper this summer, which will set the agenda for the industry going forward, 2009 promises to be both an exciting and pivotal year for equity release.”
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