In SHIP’s 20th Anniversary Report, the trade body said that it believes that “with sustained lobbying” it is likely that a government department will take ownership of equity release.
Currently, equity release issues are primarily dealt with by the Treasury, the DWP, the Department of Health and the Department for Communities and Local Government (DCLG).
A spokesman for the equity release trade body said that if its lobbying efforts are successful, equity release could become the responsibility of either the Treasury or the Department of Work and Pensions.
“The government that will ultimately decide which would be the most appropriate department that will be able to facilitate what we want in the long run.
“The reason why we would be looking towards the Treasury is because any release of monies into the economy is going to have a benefit on the economy as a whole. So it would seem, superficially, the Treasury is probably the most ideal department, but without knowing what the government feels it’s difficult to determine.”
The spokesman added that its lobbying was put on hold last year pending the Dilnot Review.
“This was because there was a feeling that perhaps the Department of Health would take responsibility. What we have to do now is up the pressure to really make it clear that one department does need to take ownership and that’s one of the strongest things we’ll be lobbying for this year.”
