§ Mr. GardinerTo ask the Chancellor of the Exchequer what research his Department has undertaken to assess the benefits consumers perceive if financial products, with particular reference to equity release policies, are regulated by the Government. [145717]
§ Ruth KellyA regulatory impact assessment was published on 5 June 2003 that set out the costs and benefits of giving the Financial Services Authority (FSA) responsibility for regulating mortgages, including mortgage-based equity release schemes. This is available from the Treasury website: www.hm-treasury.gov.uk
The purpose of the consultation paper, "Regulating Home Reversion Plans", is to arrive at a more in-depth analysis of the costs and benefits of the regulation of home reversion equity release plans. A draft regulatory impact assessment was included as Annex B to that document and we look forward to receiving views on that, as well as other aspects of the consultation.