Retirement Plus launched in November 2005 and sought SHIP membership in order to support its plans for expansion in the equity release sector, which includes product launches towards the end of 2006.
SHIP represents over 90 per cent of the equity release sector and enforces a code of practice and professional rules of conduct, which bind all of its members. All providers who apply to join SHIP must have products and processes that comply with the SHIP code and rules.
Commenting, Jon King, chairman of SHIP, said: “We are delighted to welcome Retirement Plus to SHIP. As the second equity release provider to gain admittance to SHIP in this year, this means we have already equalled the total for 2005. As the criteria for SHIP membership is so strict this is an extremely positive indication that equity release providers are taking their responsibilities to their customers seriously.”
Duncan Young, chief executive of Retirement Plus, added: “Becoming a member of SHIP allows us to access brokers we couldn’t reach before, and considerably widen our scope to sell to brokers. Having this broker fraternity gives us the confidence to launch new products. SHIP gives us a stamp of approval and demonstrates our dedication to product integrity, customer service, honesty and clarity. We look forward to being an active participant in all SHIP’s endeavours in the future.”
Stuart Wilson, managing director of Equity Release Advisory Service (ERAS), welcomed the move. He commented: “This gives another dimension to Retirement Plus. It has an innovative product, which is like a hybrid between a lifetime and reversion product, so the assurance of SHIP will allow brokers to recommend it with confidence.”
