This news blog has written before on Baroness Hollis’ pro-active stance on the uptake of the equity release market – a real tool in retirement planning. Further to the discussion, Lord Myners – the Treasury Minister – has further backed Baroness Hollis’ approach. Lord Myners claims that for those whose position typifies ‘house-rich, cash-poor’, equity release may well be an integral part of the strategy they use to finance their retirement years.
Lord Myners also went on to congratulate the equity release industry’s stance on self-regulation, notably SHIP equity release, stating that they have “developed a highly commendable code of practice” and stated that the Government should encourage the use of well-regulated equity release schemes.