Norwich Union believes that IFAs will support the Treasury's decision to regulate home reversion equity release plans. It has conducted research which shows that the vast majority of IFAs (89%)* believe home reversion plans should be regulated.
Norwich Union believes that IFAs will support the Treasury's decision to regulate home reversion equity release plans. It has conducted research which shows that the vast majority of IFAs (89%)* believe home reversion plans should be regulated.
IFAs are also concerned about the lack of awareness among consumers with 83%* stating that they did not believe consumers are aware of the different types of equity release schemes.
This is supported by Norwich Union's research which revealed that 78% of consumers over 50** could not correctly identify a description of home reversion plans. Additionally, 61% of consumers believed it would not be easy to obtain full information on home reversion plans, or were unsure where to go for information
Mark Kelly, director of Personal Finance at Norwich Union, said: "Regulation is a good basis from which the market can safely grow, and should be pushed through as a matter of urgency. The next priority must be to educate consumers about the types of scheme available and help them understand where they can obtain advice and information. We recommend anyone advising on equity release to ensure they offer clients full financial advice, that they urge clients to consult with their families and that they choose a scheme from a SHIP provider."
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
James Evans 01904 452791 Out of hours 07790 487105
Rob Pell 01904 452659 Out of hours 07968 934091
Louise Goffee 01904 452617 Out of hours 07810 057262
Notes to Editors
* Conducted amongst 80 independent financial advisers January 2004
** Conducted amongst 283 respondents who were all home owners over 50 (December 2003)
- Minimum property values apply. Norwich Union’s Equity Release is a lifetime mortgage secured against your home. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE. A personal illustration and full terms and conditions are available on request. Norwich Union Equity Release Limited No 3286484. Registered at 2 Rougier Street, York, YO90 1UU. Not available in Northern Ireland, the Channel Islands and the Isle of Man.
- Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media