Category Archives for equity release

BSA 2019: PRA urges caution on equity release

The Prudential Regulation Authority’s chief executive Sam Woods (pictured) has urged insurers and building societies to treat equity release with caution on their balance sheets.

Speaking at the Building Societies Annual Conference held at the Queen Elizabeth II Centre in Westminster this morning, Woods said the PRA has intervened with the way insurance companies treat equity release on their balance sheets already –  but also warned building societies to take stock of the complicated nature of equity release products.

He predicted for the sector to grow significantly unless the UK starts building a greater number of houses.

Woods said: “We have been very focused on equity release and how that works.

“We’ve got quite a big chunk of that on the insurance side and we did become quite uncomfortable with the way that is was being treated on insurance company balance sheets.”

He added: “I know that some building societies have exposures to this asset class as well, and would urge them to proceed with caution given the complexities involved.”

According to Woods a “natural place” for equity release to go is with annuity writers.

He said: “We think it likely that this product will grow in the UK for reasons unrelated to financial regulation, and that it makes sense for annuity writers to be an important part of the picture.

“But this has been a classic example of a weak spot in the regulatory regime, which was simply not designed with this product strongly in mind.

“The result of this has been an excessively wide variation of approaches for these assets at insurance companies, with practices at the more aggressive end of the market presenting a risk in our view to policyholders and to our competition objective.

“We have therefore shored up this part of our framework and put in place a much more solid basis for this asset class going forward.”

The post BSA 2019: PRA urges caution on equity release appeared first on Mortgage Introducer.

Correction regarding the May 24, 2019, 01:19 CET press release of the Company: NAXS AB has repurchased 6% of its own shares – GlobeNewswire

Correction regarding the May 24, 2019, 01:19 CET press release of the Company: NAXS AB has repurchased 6% of its own shares  GlobeNewswire

The press release issued by the Company on May 24, 2019 at 01:19 CET erroneously indicated a SEK 52.50 share price for the block of shares repurchased by …

Investcorp agrees to buy placement agent Mercury Capital – Private Equity News

Investcorp agrees to buy placement agent Mercury Capital  Private Equity News

he advisory firm was founded in 2009 by Merrill Lynch alumni.

Freedom Foods Announces $130 Mn Equity Raising – Kalkine Media

Freedom Foods Announces $130 Mn Equity Raising  Kalkine Media

Freedom Foods Group Limited (ASX: FNP) is involved in the manufacturing, selling, marketing and distribution of specialty cereal, snacks and dairy beverages …

MPH Health Care AG: First Quarter 2019: Preliminary IFRS-result, equity (Net Asset Value) of 263.49 – PharmiWeb.com

MPH Health Care AG: First Quarter 2019: Preliminary IFRS-result, equity (Net Asset Value) of 263.49  PharmiWeb.com

DGAP-News: MPH Health Care AG / Key word(s): Quarterly / Interim Statement/Monthly Figures23.05.2019 / 10:44 The issuer is solely responsible for the …

University of Global Health Equity and ScholarRx Announce New African Medical Education Partnership – PRNewswire

University of Global Health Equity and ScholarRx Announce New African Medical Education Partnership  PRNewswire

ELIZABETHTOWN, Ky., May 23, 2019 /PRNewswire/ — The University of Global Health Equity (UGHE) and ScholarRx today announced a collaboration in …

WPX Energy Completes $350 Million Sale of Pipeline Interest – Associated Press

WPX Energy Completes $350 Million Sale of Pipeline Interest  Associated Press

Press release *content* from Business Wire. The AP news staff was not involved in its creation.

Equity Commonwealth Announces Redemption of 5.875% Unsecured Notes Due 2020 – Business Wire

Equity Commonwealth Announces Redemption of 5.875% Unsecured Notes Due 2020  Business Wire

Equity Commonwealth (NYSE: EQC) today announced that it is calling its 5.875% Senior Unsecured Notes due September 15, 2020 (the “Notes”) for redempti.

More retired homeowners use housing wealth to clear debt

The number of customers using money from their homes to pay off credit cards and loans hit a three-year high of 35% in the first quarter of 2019, Key’s Equity Release Mortgage Market Monitor shows.

Customers released an average £75,032 during the three months and the most popular use of the money was paying for home and garden improvement, as 60% used equity release for that purpose.

Around one in three (31%) chose to pay for holidays while 30% were able to use some or all the cash to help family.

Will Hale, chief executive at Key, said: “The current challenging economic environment has seen a move away from holidays and home improvements to people tackling pressing immediate issues such as to pay off debt.

“Nearing or entering retirement with an income that might be exceeded or matched by debt repayments can be hugely stressful and may mean people need to make fundamental changes to their plans such as working longer.

“However, this will not solve everyone’s issues and is not even viable for some so looking into downsizing, equity release or other later life lending options might be the right answer.”

The post More retired homeowners use housing wealth to clear debt appeared first on Mortgage Introducer.

1 2 3 191
>