Equity release 'should be made clearer '

Equity release could become easier for people considering the option as calls for greater clarity and transparency surrounding the procedure grow stronger.

In a move that will affect the whole retirement income industry, the Personal Finance Society, the Association of Independent Financial Advisers and the Association of Mortgage Intermediaries have lent their support to the campaign launched by the Safe Home Income Plans (SHIP).

Andrea Rozario, director general of SHIP, said: "Our campaign has been very successful so far and we are delighted that these associations are voicing their support."

She was also optimistic about the new policy initiatives that will be brought forward by the new secretary of state for work and pensions.

Last month SHIP launched a campaign to clarify and make equity release more accessible to sections of the wider public. The organisation urged independent financial advisers to participate in an online questionnaire and to raise further questions so as to initiate a knowledge exchange about equity release and its benefits.

Ashall Glover Financial Services are equity release specialists.