11 November 2003
The Government’s Pensions’ Green Paper stated that the Government would be ‘looking at options to create a level playing field for the regulation of equity release and home reversion plans to protect consumers and make the market work better.’
Treasury officials held a number of discussions with stakeholders in the first half of 2003. Whilst stakeholders provided no evidence of consumer detriment at present, they were concerned about the projected expansion of the home reversion market and the potential for consumer detriment in the future.
In the light of these concerns, on 5 June 2003, the Chief Secretary to the Treasury, Paul Boateng, announced that the Government would carry out an open consultation on whether home reversion equity release plans should be regulated by the Financial Services Authority (FSA). The purpose of this consultation is to arrive at a more in depth analysis of the costs and benefits of regulation.
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PDF file of the consulation document ´Regulating home reversion plans´
(250kb)
Press Notice
11/11/03 Pn113 Home reversion plans consultation paper published
Press Notice 05/06/03 Pn67 Treasury to consult on regulation of home reversion schemes
PDF file of summary of responses on ´Regulating home reversion plans´
(32kb)
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