SHIP Code of Practice

SHIP stands for Safe Home Income Plans and is a trade body which was launched in 1991 to promote safe equity release schemes to the general public. Today it has over 20 members including banks, building societies, IFAs and insurers.

All participating companies are entitled to use the SHIP logo on their marketing literature on condition that they adhere to the SHIP Code of Practice.

This binds member companies to:

• provide a fair, easy-to-understand presentation of their plans so that any scheme using the SHIP logo is properly explained and safe;
• ensure that the client’s solicitor, who oversees the transaction on their behalf, signs a certificate confirming that the essential features and implications of the scheme have been properly explained;
• no SHIP endorsed equity release plan will proceed without this certificate;
• provide a ‘no negative equity’ guarantee whereby the provider guarantees that the client’s home will never be repossessed, (even if the outstanding mortgage on death exceeds the sale value of the property).

Under the SHIP code of practice, complaints about an equity release product must be dealt with according to a strict timescale. This includes a five day turn around for acknowledgement of the complaint, prompt investigation and regular updates on progress.

If you are unhappy with the outcome of this investigation, you can refer your complaint to the Financial Ombudsman Service.

Click here for our Quick Equity Release Calculator and Enquiry Form