All Party Group looks at home income plans
It will be an interesting meeting for the All Party Parliamentary Group on Insurance & Financial Services tomorrow (Wednesday 11 November) when it returns to the subject of home income plans, or equity release as it is sometimes still referred to.
This was a real battleground issue back in the 1990s when some Midlands building societies were guilty of dreadful miss-selling of home income plans and it took a landmark meeting of the All Party Group with the building societies and the Insurance Ombudsman (as it then was) to broker a solution to the dreadful problems faced by policyholders who had lost out. Out of that crisis came a concerted move by the market to clean up its act and Safe Home Income Plans (SHIP) is the organisation that the market supports today to help it raise standards and promote best practice. It is SHIP that the group will hear from tomorrow.
The meeting - open to anyone who is interested - takes place in Committee Room 17, House of Commons at 11.15am.
10 Nov 2009
Do you agree?
Dear Mr Worsfold I run the sole surviving support group for Victims of Flawed equity release schemes marketed in the late 80's. I can categorically state that neither the APG on Insurance and Financial Services nor the Treasury Select Committee reached a solution for victims and consequently we now have pensioners dying owing vast amounts to the building societies. eg David Wilson MBE died in 2007 owing the West Bromwich Building Society £217,000 after borrowing £30,000 in 1989. Building Societies throughout the country marketed these schemes and totally ignored the risk warnings issued by their regulator at the time, the Building Societies Commission. I have a petition in to No 19 Downing Street <a href="http://petitions.number10.gov.uk/petitions/"><a href="http://petitions.number10.gov.uk/petitions/">http://petitions.number10.gov.uk/petitions/</a></a> A.B.Craven, White Cottage, Elstronwick, Burton Pidsea , Hull HU12 9BP 01964 670614 pp HIPS(97)
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