Ship shapes up to widen its role across sector

Andrea Rozario revealed that Ship would no longer just be the voice of equity release providers, but would lobby on behalf of the entire sector, including providers, solicitors, advisers and other key stakeholders.

She said the decision was taken following an extensive engagement process with all sectors of the equity release industry.

Ms Rozario added: “We have listened to what you have said and now the time is right for change. We will no longer simply be the voice of equity release providers working with the rest of the sector, but a united industry body that represents the whole industry fully and puts the needs of the customer first.

“The Ship standards – which in the past 20 years have helped redefine the equity release market by giving consumers the confidence they need in providers and the peace of mind that safeguards offer – will be available to all parts of the sector.”

The details of the new trade body were still being finalised and Ms Rozario said its framework would be unveiled in early 2012.

She called on the industry to continue to engage with the process to “help build an organisation that allows the whole sector to come together”.

Ms Rozario said: “We will work with all stakeholders in the new year to make this new body a powerful force for the good of our industry.”

Ship was launched in 1991 to promote safe equity release plans and industry growth. The trade body represents 90 per cent of providers in the UK.

Lorreine Kennedy, IFA for Hertfordshire-based CareMatters, said being part of Ship would give advisers who specialise in equity release and long-term care more credibility with clients.

She also said it would help IFAs by offering advice, support and information.

Ms Kennedy added: “Because Ship is well respected and quite well known, people who come to me and have done their research ask about Ship and whether I am a member.

“I then have to explain that I am not because it is only for product providers. If advisers can become members and start to have an input that does, without doubt, bring credibility in the eyes of the consumer and would be a fantastic opportunity for us.”

Ms Kennedy said the new trade body would bring fresh ideas to the industry, but added that Ship should also be careful not to overlap with the Society of Later Life Advisers.