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SHIP calls for clarity on equity release and benefits

by: Mortgage Solutions
  • 16/04/2010
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SHIP calls for clarity on equity release and benefits
Safe Home Income Plans (SHIP) has launched a campaign to clarify the relationship between equity release and state benefits, and is calling on brokers to add their voice.

SHIP is concerned that the advice offered by the Department of Work and Pensions on equity release and state benefits is inconsistent and confusing for both brokers and consumers. As a result, it has launched a questionnaire to gather information from advisers on their opinions and experiences.

The aim of the campaign is to clarify the impact equity release may have on state benefits and ensure the government and Financial Services Authority are aware of the issues facing advisers and customers.

SHIP wants clear and definitive guidelines published for all, including DWP staff, advisers and the FSA.

Results from the questionnaire will be analyses by a working group lead by SHIP, Baroness Hollis and other key stakeholders. Its campaign is being supported by SHIP members, intermediaries, the Equity Release Solicitors Alliance and other interested parties.

Advisers can air their thoughts on state benefits and the effect equity release might have on their clients’ eligibility to benefits by clicking here.

The questionnaire will be live until the end of May, with results due to be announced in mid-June. Advisers who take part will be entered into a prize draw to win £100.

Andrea Rozario, director-general of SHIP, said: “The government is in a state of change and older customers must not be side-lined. We have launched this campaign to provide some clarity and guidance to both advisers and their customers. Our aim is to make the process transparent and accessible for everyone.”

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