11 November 2003
Regulating home reversion plans, Consultation Document
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.
The document is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website.
For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
Media Links
PDF file of the consultation 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)