Equity Release Schemes (Hansard, 22 October 2002)

HC Deb 22 October 2002 vol 391 c219W 219W

§ Mr. Waterson
To ask the Chancellor of the Exchequer what action he proposes to protect retired people in respect of equity release schemes. [75156]

§ Ruth Kelly
The Treasury is giving the Financial Services Authority (FSA) responsibility for regulating mortgage business, including mortgage based equity release arrangements. In August, the FSA published CP 146 which sets out its approach to regulating mortgage sales including lifetime mortgages (the FSA's term for regulated equity release mortgages). It is expected that regulation of lifetime and other mortgages will come into force in October 2004.