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 "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. If you would like to know more about our privacy policy, please follow this link https://www.mortgagesolutions.co.uk/privacy-policy/. Equity release plans jump 41%, reports ERC. These standards ensure equity release customers receive the highest level of protection for any property-based loan in later life, with three layers of protection encompassing regulated financial advice, clear product safeguards and independent legal advice. Equity release continues to attract attention from consumers as a mainstream financial product for later life, with a 2% increase in new plans agreed by homeowners aged 55+ to 11,079 in Q1 2020 – the largest total for any Q1 period since records began in 1991. please sign-in using your email and password. The council has recruited Lorraine Cox as membership and business development manager. 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. 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. 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. 30 June 2020. December 9, 2020. Merry Christmas and a Happy New Year from everyone at the Council. 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. “Our standards are based on extensive consultations with members and input from external parties, including the regulator. Follow her on Twitter @SamJPartington1. Over the course of almost 30 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 complement its Checklist for Advisers and support firms when... – Read more. Council publishes Best Practice Guide for advisers. 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+. Poll: Did you manage to take a summer holiday? The Equity Release Council is the industry body for the equity release sector. 118 likes. Jim Boyd, chief executive of the Equity Release Council, said: “I am thrilled to welcome Simon and Lorraine to the team. “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. 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. The guide complements the Council’s recently expanded 24-point Checklist for Advisers and comes following a review of its rules and guidance to confirm it is in line with the regulator’s vision. 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. A new Checklist for Advisers was issued to adviser-members following a review by the Council’s Standards Board which was informed by conversations with major stakeholders over several months. You will receive confirmation of your cancellation. 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. By using this website you are consenting to the use of cookies. 0. Please note: the office will close on December 23 and reopen on January 4. AE3 Media Limited is authorised and regulated by the Financial Conduct Authority, Thank you. Previously she worked worked for the Daily Mail and Property Week. Including industry news, adviser business strategy tips and market commentary. Chris Pond, chairman of the Equity Release Council’s Standards Board, said: “As a standards-setter with almost three decades of experience, the Council continuously reviews and evolves its guidance for members to promote the highest standard of consumer protection. Company status Active 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. Registered delegates have access to the seminars where applicable. 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? Source: Company websites, 18th May 2018. The Equity Release Council (the Council) has broadened its industry representation by appointing the first legal member to serve on its main Board. Information Hub. UK law shall apply to any claim against AE3 Media and all proceedings shall be within the exclusive domain of the UK Courts. Simon Posner has been appointed public affairs manager. All the latest news, analysis and insight from the mainstream residential lending market. She most recently worked at professional body the Chartered Insurance Institute managing large corporate relationships. Poll: Have you ever successfully challenged a valuation? “This new Best Practice Guide will be a valuable resource for new and experienced advisers as they seek to provide personalised advice to consumers and document their conversations. National lockdown to stop the spread of Covid-19, which must be repaid at a Later stage, usually the! Our privacy policy, please contact marketing @ ae3media.co.uk or call 0203 815 3683 ’ advice where you can your... Contact marketing @ ae3media.co.uk or call 0203 815 3683 be given an identification badge which... 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