Comments

If you have any comments you can email them to:

charles.morgan@hm-treasury.gov.uk

Additional Information

The Government's Pensions' Green Paper* stated that the Government would be 'looking at options to create a level playing field for the regulation of equity release and home reversion plans to protect consumers and make the market work better.'  A consultation document "Regulating home reversion plans" was published by HM Treasury on 11 November 2003. The then Financial Secretary to the Treasury, Ruth Kelly, announced on 10 May 2004 her intention to bring home reversion products into the scope of FSA regulation.  A further consultation document 'Defining Home Reversions' was published on 26 July 2004 and consulted on the content of the definition, including whether Ijara products and flexible tenure products should be included.

The Act was introduced as a ten-minute rule Bill by David Stewart MP on 26 January 2005.  Second reading was tabled for 22 April 2005 but was not reached as Parliament was dissolved for the forthcoming election.

* Simplicity, Security and Choice: Working and Saving for Retirement
(Department for Work and Pensions - December 2002)