Equity release discussion needs greater consumer input, says KRS

01 August 2009 / by Rachael Stiles

Equity release provider Key Retirement Solutions has suggested that the report on the sector launched this week by trade body SHIP should have greater involvement by the consumer.

The retirement solutions provider believes that the discussion paper from SHIP (Safe Home Income Plans) – entitled 'Facing the Future, Redefining Equity Release to meet today's social and economic challenges' – should include much greater input from consumers.

While SHIP is inviting conversation about equity release with a range of groups, such as the Government, charitable organisation,  the Financial Services Authority, intermediaries, and consumer bodies, there should be more direct discussion with consumers to get their views, KRS believes, in order to better shape the future of equity release.

Commenting on the report, Dean Mirfin, Key Retirement Solutions group director, finds it "inconceivable" that the process has thus far excluded direct consumer research, and urges SHIP to "engage with those who matter the most, the customer."

He continued to say that, representing almost two thirds of all SHIP equity release plans in the UK, equity release intermediaries play "the greatest part in the link to consumers", but Ship does not have direct access to consumers.

Consequently, it will need to work closely with intermediaries, such as Key Retirement Solutions and their customers, Mr Mirfin says, "to effectively research the needs and demands which they face."

© Fair Investment Company Ltd

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