Today's equity release market is fully regulated by the Financial Services Authority (FSA). The trade body, Safe Home Income Plans (or SHIP), was launched in 1991 to promote safe equity release schemes and to safeguard the interests of customers via a code of conduct for the industry. Mike Fuller, the former CEO of Just Retirement, was a founding member of SHIP.
SHIP's aimsOne of SHIP's core aims is to ensure that a repeat of the scandals of the late 1980s never occur again and all equity release schemes (lifetime mortgages) and Home Reversion plans are now regulated by the FSA.
Each member of SHIP (Just Retirement are proud to be a member) offers a 'no negative equity' guarantee to their customers. This ensures that they will never owe their equity release lender more than the value of their property.
Useful LinksFor more information and resources, please visit the SHIP website.