Media
The Council launched its Spring 2017 Market Report in the first quarter of the year. One of the report’s key findings was that lifetime products became the fastest growing segment of the mortgage market in 2017, and it received coverage in The Times, The Daily Telegraph and Daily Express as well as a variety of trade and consumer publications. In March The Council also announced that Lighthouse Group had become its first network member, demonstrating the increased role equity release plays within the retirement planning landscape. The announcement was picked up by several trade titles, including FT Adviser and Citywire.
Public Affairs
- The Council has drafted and submitted responses to numerous consultations, including on the FCA’s Future Mission; amending the definition of financial advice; creating a single public financial guidance body; and introducing a Pensions Advice Allowance. This has enabled The Council to influence relevant policy developments and continue to highlight the utility of housing wealth in funding later life.
- Following our submission, the Government’s response to the consultation on introducing a Pensions Advice Allowance explicitly stated that the Allowance could be used for holistic retirement advice, including the use of housing wealth to supplement retirement income – with equity release mentioned specifically.
- The Council has attended meetings with a number of shadow ministers, including: the Shadow Economic Secretary to the Treasury Jonathan Reynolds, Shadow Pensions Minister Alex Cunningham and Shadow Secretary of State for Housing John Healey. These meetings emphasised the potential for housing wealth to solve problems associated with an ageing population to key shadow ministers.
- We have continued to engage with the Treasury Select Committee’s inquiry into EU Insurance Regulation, with several positive mentions of equity release made in the inquiry’s oral evidence sessions. The Council made clear its willingness to give oral evidence to the inquiry, and received support for this request following a meeting with Committee member George Kerevan MP.
- We are arranging a parliamentary briefing event on Wednesday 26th April, hosted by Julian Knight MP, to launch The Council’s White Paper. The session will be addressed by Julian Knight; Dr Louise Overton, Teaching Fellow in Social Policy at the University of Birmingham and one of the authors of the report; and Michelle Cracknell, Chief Executive of The Pensions Advisory Service.
