Jim Boyd, chief executive of the Equity Release Council, said: “I am thrilled to welcome Simon and Lorraine to the team. But it will also guarantee that case files capture sufficient details. However, it is important to keep in mind this is a product designed to last a lifetime, not to meet a short term need. Over the course of 25 years, the Equity Release Council continues to represent the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart. The Equity Release Council has launched a Best Practice Guide to help advisers ensure they cover all bases when speaking to clients and documenting their needs. By admin please sign-in using your email and password. A No Negative Equity Guarantee (part of the standard for Equity Release Council -compliant mortgages, making it the lender’s sole risk if the sale proceeds do not cover the eventual loan balance); Availability of drawdown facilities, instead of a single lump sum; The advent of inheritance guarantees. If you don't receive the emails, please contact marketing@ae3media.co.uk or call 0203 815 3683. Required fields are marked *. Consumers and the businesses that serve them are strongly urged to follow health advice from Government and public health bodies to safeguard personal health and well-being and to support the individual, national and global response to the pandemic. You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. “Our Checklist for Advisers and Best Practice Guide help to ensure a wide range of factors are explored in depth to identify the most appropriate way forwards to meet each customer’s long-term needs.”. The guide, which complements its Checklist for Advisers, is designed to ensure consumers receive a high-quality and personalised service from their advisers. 0. Equity Release Council chairman David Burrowes says: “Independent face-to-face legal advice is vital to the consumer safeguards underpinning the equity release market. “Our standards are based on extensive consultations with members and input from external parties, including the regulator. All cancellations must be received in writing. By Joanne Atkin 9th December 2020 11:17 am. These standards and safeguards have allowed the sector to grow, giving financial advisers and their customers confidence in the products, dispelling myths about equity release, … The guide, which complements its Checklist for Advisers, is … To overcome this, the Equity Release Council has published a temporary modification to the rules following a detailed consultation with its members and the industry. The guide has been produced by the council’s standards board, drawing on decades of experience from expert adviser members representing a variety of firms in the market. UK law shall apply to any claim against AE3 Media and all proceedings shall be within the exclusive domain of the UK Courts. The signature of the delegate/visitor or his/her duly authorised agent on the registration form shall signify the delegate/visitor's acceptance of the above conditions and the same shall bind both parties to this contract. “We are acutely aware that many households find themselves in financial difficulty due to the Covid-19 pandemic and we know, from our own research, that this has left many people re-thinking retirement plans. Specialist Lending Newsletter Equity Release Council, Thornby, Northamptonshire. The Equity Release Council is the industry body for the equity release sector. The council has recruited Lorraine Cox as membership … Poll: Did you manage to take a summer holiday? She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions. “The continued raising of standards has been fundamental to this shift, so I am delighted to see the Equity Release Council continue to drive improvements across the market by launching its Best Practice Guide. Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. And it will help support advisers in gathering soft facts and record customers’ use of language to show why the advice and any product recommended was suitable for the individual circumstances. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. By admin in Later life lending 9th December 2020 0. (Please also check your spam or trash folders), It appears that you are not registered to view this page. Merry Christmas and a Happy New Year from everyone at the Council. The Equity Release Council has released updated guidance for practitioners, which highlights some of the most important factors to consider during the advice process and … Latest News. © AE3 Media Ltd, Floor 7, Lincoln House, 296 - 302 High Holborn, London WC1V 7JH, Company registration number 8938488. Source: Company websites, 18th May 2018. We support the FCA’s efforts to ensure all customers receive suitable advice on their options in later life. The Equity Release Council is urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. You will be given an identification badge, which must be shown upon request. Suitably qualified replacements may be sent if you are unable to attend; however, the organisers must approve them before the event takes place. O riginally known as Safe Home Income Plans (SHIP), the Equity Release Council was relaunched in 2012 and extended its reach from equity release to financial advisers. The council has recruited Lorraine Cox as membership and business development manager. The Equity Release Council has updated a key safeguard that highlights some of the most important factors to consider during the advice process and ensures its rigorous standards are met. Registered delegates have access to the seminars where applicable. In 2020 the council enjoyed membership growth of 16 per cent and approaches 1,400 individual members based in more than 560 firms. Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. The detailed guide has been produced by the Council’s Standards Board, drawing on decades of experience from expert adviser members representing a variety of firms in the market. 30 June 2020. The Equity Release Council (ERC) has published temporary modifications to the requirements for customers to receive face-to-face legal advice. The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. Once you have registered and your application has been accepted, then you are expected to attend. Poll: Is your business operationally resilient in the event of an IT meltdown? Our Equity Release Knowledge Hub is full of reports and documents from both the Council and the wider Sector. How many of the three main protection policies most commonly used, term life assurance, critical illness (CI) and income protection (IP) do you personally have? You will receive confirmation of your cancellation. Lorraine Cox (pictured left) takes up the role of membership and business development manager to further support and add value to the organisation’s membership. Previously she worked worked for the Daily Mail and Property Week. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. Do you think the Stamp Duty holiday deadline should be extended? Equity Release Council The Old Rectory Church Lane Thornby NN6 8SN December 9, 2020. Company status Active AE3 Media reserves the right to change the programme, speakers, dates or venue at any time, without notice. When combined the two documents are designed to promote consistent advice for consumers and help advisers to satisfy regulatory requirements and the Council’s additional standards. Please simply, Bridging the gap between the old and young – Rozario, No let up in BTL with busy Q1 on the cards – Ying Tan, Brokers need to be ready to pick up the mortgage holiday pieces – Murphy, We need advice firms to embrace RIOs and understand where they fit – Regis, Know Your BDM: Emma Evenett, Leeds Building Society, Know Your BDM: Victoria Shepherd, Metro Bank, Know your BDM – Michael Brown, Skipton Building Society, Know Your BDM: Phil Lawford, Tipton and Coseley Building Society, Mariella Frostrup: Women in the mortgage industry must ‘be unafraid, unapologetic and angry’ – WEFF Annual Lunch, WEFF Leadership event 2019: ‘It’s not up to you as a business to decide what is a crisis’, Case study: Why clients are covering costs with cashback, Virtual BMAs 2020 names Challengers as charity partner, Mortgage Medics partners with homelessness charity Sussex Nightstop, Mortgage industry NHS fundraiser launched, Child-friendly resources for mortgage broker parents, Giving mortgage brokers more control will not speed things up – Marketwatch, ‘Every application is a battle’ but the crisis is driving change – Marketwatch, We need to question the industry’s reliance on government help – Marketwatch, Some borrowers regret taking mortgage holidays but can’t be blamed for panicking – Marketwatch. Filing history for EQUITY RELEASE COUNCIL (02884568) People for EQUITY RELEASE COUNCIL (02884568) More for EQUITY RELEASE COUNCIL (02884568) Registered office address The Old Rectory Church Lane, Thornby, Northampton, United Kingdom, NN6 8SN . Samantha is CeMAP qualified. Equity release: The four important points to consider for over 55s People can release money, continue to live in the property and own it, and it has a rate of interest attached. Please enter your email address and we will email you a link where you can change your password. Should for any reason the venue or speakers change, or the event be cancelled due to an act of terrorism, extreme weather, disease control, industrial action, act of God or any eventuality beyond the control of AE3 Media, we shall endeavour to reschedule; but the client hereby indemnifies AE3 Media and holds AE3 Media harmless from and against any and all costs, damages and expenses, including legal fees, incurred by the client. Council publishes Best Practice Guide for advisers. Mortgage Finance Gazette is owned by Metropolis International Group Limited, a member of the Metropolis Group; you can view our privacy and cookies policy here. You may also be interested in the Specialist Lending Solutions newsletter. 118 likes. in Later life lending There were 10,351 new equity release plans agreed in the third quarter of 2020, new figures from the Equity Release Council have revealed, an increase of 41% from the previous quarter. Equity release is getting a lot of attention and hype these days as it becoming a recognised mainstream mortgage lending product. Cox brings with her over 30 years of financial services experience in marketing and relationship management, having held senior sales and marketing roles at AXA Life. The modification has been made in response to the national lockdown to stop the spread of COVID-19, which prevents in-person meetings. This latest edition was produced in October 2020 using data from customer activity during the third quarter of this year (July to September). All the latest news, analysis and insight from the mainstream residential lending market. “Simon and Lorraine’s extensive experience will bring additional momentum to our ongoing work in leading the way in setting the bar as a standards-setter in later life lending. The expansion of our organisation will enable us to add even further value to members and drive meaningful change through political engagement – and support better consumer outcomes. It was created to promote safe equity release products and to safeguard the interests of homeowners. Posner’s career as a Whitehall civil servant and ministerial aide spans more than two decades. The Equity Release Council published the temporary modification to enable those in need of accessing equity release finance to do so without creating additional barriers and delays. Sara McLeish, CEO of Legal & General Financial Advice, said the new guide, alongside the checklist, offered a vital resource for advisers, helping them to provide high-quality and consistent advice to all consumers. Poll: Are back gardens the new hot selling point for homes? Only urgent media enquiries will be answered during this period. We are extremely grateful to all our members, old and new, and we look forward to supporting you in 2021. Equity release plans jump 41%, reports ERC. Tagged with: Equity Release Council guidance vulnerable customers, Your email address will not be published. You don’t need to have fully paid off your mortgage to do this. “It is vitally important that the industry continually strives for consistent, accurate and robust advice so that all customers, particularly those who are vulnerable, understand the implications of borrowing in later life,” she added. Poll: Have you ever successfully challenged a valuation? Including industry news, adviser business strategy tips and market commentary. – Star Letter 27/11/2020, Peer-to-peer lender MoneyThing enters administration, Valuers and solicitors hesitating as new Covid strain takes hold – MT Finance, Lendy valuer settles £625k PII claim for £2m over-valuation as company boat sold, Registration opens for The Online Specialist Lending Event, Shawbrook will not use peer-to-peer funding after RateSetter purchase, Stonehouse advises on £3.8m finish and exit with Avamore, Builder and rampant house buyer confidence driving construction, MHCLG widens scope of permitted development rights, The 2020 Specialist Lending Solutions most-read stories of the year, Vernon relaunches specialist buy-to-let mortgage range, West One agrees first mortgage club distribution deal with Dynamo, Predicting the demise of P2P funding is premature – Khattoare, Together raises LTVs to 70 per cent and increases loan sizes, Matt Cottle leaves Specialist Mortgage Group, Second charge lending up 13 per cent as product ranges improve – Loans Warehouse, Second charge continues rebound with 21 per cent bounce, ‘Fewer customers should be placed with high street lenders to start with’ – L&G Mortgage Club, A broker’s guide to specialist lending: How to support all your clients, New mortgage brokers in ‘fantastic position’ to handle specialist cases – Knowledge Bank, Advisers have a duty to set borrowers’ timeframe expectations – 3mc, Merry Christmas from all at Mortgage Solutions and Specialist Lending Solutions, Top 10 biggest mortgage broker stories this week – 24/12/20, FCA delays compensation cap introduction until summer, Government pledges to stop leaseholders paying freeholder legal bills, Regulation of estate agents ‘vital’ ‒ Propertymark, Santander further tightens self-employed evidence requirements, Parents forced to remortgage to cover gamers’ loot box debts, ERC warns against standardising suitability reports as it tackles FCA concerns, Equity release activity nears pre-Covid levels with 41 per cent rise, Equity release market needs to shout about its improvements – Rozario, Metro Bank sells £3bn mortgage portfolio to NatWest, Regulator rejects complaint about advice firm’s ‘whole of market’ claim, Foundation to accept no-search indemnity insurance, First-time buyers ‘denied’ buying opportunity, Family Building Society - a year in the making, Brokers must start talking to clients now rate rises, Halifax Intermediary pushes up selected rates and amends ERCs, Marsden BS launches retiree mortgages and expects more lenders to follow, Trussle gains DA approval and hails 2020 as its ‘breakthrough year’, Merry Christmas from all at Mortgage Solutions and Specialist Lending Solutions -, Top 10 biggest mortgage broker stories this week – 24/12/20 -, FCA delays compensation cap introduction until summer -, Business information tailored specifically to your business needs, Engage in interactive commenting and voting in our weekly polls, Delegate places are free of charge, subject to approval by the organisers based on job criteria. 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