Government urged to ‘take ownership’ of equity release

Posted 28/06/2012

The government has been told it needs to step in and take control of equity release.According to Andrea Rozario, director general of the Equity Release Council – which recently took over regulation of the sector from Safe Home Income Plans – the coalition ought to be more involved in this part of the financial services sector.Speaking at the body’s first policy-makers event at a launch held in the House of Commons this week, she argued equity release can play a role in meeting care costs in the future.Ms Rozario stated she was pleased to have held the debut gathering, adding: “This will build on the work that we have done in the past and help us to achieve our ultimate goal of getting a government department to ‘take ownership’ of equity release.”Jon King, managing director of More2Life, recently told FT Adviser he believes innovation in the equity release market is going to fuel its growth in the UK in the coming years.Posted by Simon Crooks