New protections for consumers in the housing market

Following public consultation earlier this year, the Government has
today published the secondary legislation to bring home reversions and
Ijara home purchase plans into regulation.

The changes will ensure that consumers of equity release products and
Shari'a law compliant home purchase plans will benefit from the
protections afforded by Financial Services Authority (FSA) regulation, and will
take effect from 6 April 2007.

The Economic Secretary, Ed Balls MP, said today

"I'm delighted to announce changes which will offer valuable new
protection for consumers wanting to release equity from their home and for
people taking out Ijara home finance plans."