Individuals considering equity release as a financial solution may be interested in the latest announcement from an industry body.

Safe Home Income Plans (Ship) previously represented financial providers operating in the sector and set standards for enterprises to follow.

However, it is now hoping to give consumers even greater confidence in equity release by bringing together all aspects of the industry.

Ship will work with providers, solicitors, advisers and key stakeholders to ensure the needs of the customer come first, director-general of the organisation Andrea Rozario stated.

"We are now in the process of finalising the format for the new organisation and expect to be in a position to reveal the framework in early 2012," she continued.

Ms Rozario concluded by saying the change will give consumers peace of mind.

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