Bower Retirement Services, winners of the 2011 Equity Release Awards, welcome the relaunch of Safe Home Income Plans (‘SHIP’) as The Equity Release Council (The Council). Bower welcome also the decision of the trade body to broaden its membership to include financial advisers, solicitors, surveyors and other interested parties.

SHIP was established in 1991 by the major product providers as the body to safeguard the interests of consumers entering into equity release plans. Over the past 20 years, SHIP has been very successful in improving the reputation of equity release and in promoting consumer awareness of the products available. The main focus of the Equity Release Council will be to protect consumers and increase education, awareness and understanding of how equity release works, the options available and the consumer safeguards that are in place.

Geoff Charles, Managing Director of Bower commented:

“We welcome the new organisation and look forward to joiningand supporting the Equity Release Council. The changes are excellent news for elderly homeowners who are seeking to release capital from their homes in order to raise a lump sum and/or to supplement their retirement income. The extension of the membership and SHIP standards to all participants in the sector will strengthen consumer confidence and reinforce the message that equity release plans are now mainstream retirement products.”

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