equity release council

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. • fully discussing alternatives to equity release including trading down, grants, use of savings or pension income, and financial assistance from family members (both now and if these alternatives may be relevant in the future). Each rule is accompanied by a set of guidance or activities which will help a member firm demonstrate compliance with the rules. Members can read further information by clicking here. They represent the lifetime mortgage providers, solicitors and financial advisers. No Negative Equity Guarantee As a member of the Equity Release Council, we offer a 'No Negative Equity Guarantee'. equity release today does not provide advice on equity release products and acts only as a referral partner for fca approved equity release advisers, who are authorised to give advice on equity release by the financial conduct authority. It is available to non-members. As a consumer-focused trade body, the Council is extremely sensitive to and closely monitoring the developing situation with Covid-19. These points, which are all established within the equity release advice process, sit alongside wider considerations, such as: • establishing the customer’s eligibility for state benefits, • ensuring the amount released does not exceed the customer’s requirements, • ensuring the customer has put together a realistic expenditure budget plan. The Council has published general covid-19 information here as well as updates from L&G and Just. CONTACT US. 1. It also underlines the importance of establishing if a customer has experienced difficulties with their physical or mental health, bereavement, divorce, emotional or financial issues, literacy, numeracy, or any other traumatic event, that may leave them in a vulnerable position. Members of the equity release council. Additionally, the Equity Release Council agreed to enable remote provision of legal advice shortly after the first lockdown began in March, subject to ongoing review. The equity release council is a trade organisation that represents the equity release industry. The Equity Release Council is a self-regulated non-profit organisation that safeguards the interests of homeowners and specialises in all things equity release-related. To make sure you are dealing with a genuine member look for the logo and search our web site under member directory. This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it. Last week’s webcast on non face-to-face legal advice is now available for non-members. Adviser members are required to complete the Checklist, which has been expanded from 12 to 24 points, including an extra focus on vulnerable and remortgaging customers as well as those consolidating debt. Long-time follower, but first-time poster here, Can anyone possible help with some advice on Equity Release on an ex-council flat. All Rights Reserved. The Equity Release Council has published a ‘best practice’ guide for advisers to ensure consumers receive a quality service and that case files capture sufficient details. Equity release plans meet the Equity Release Council standards to protect your loved ones from negative equity. The Equity Release Council Originally launched in 1991, the Equity Release Council (ERC) is an organisation that is supported by the leading providers of equity release within the UK. effect on 1 January 2020. The Equity Release Council is the industry body for all things relating to equity release, and is a self-regulated, non-profit organisation O riginally known as Safe Home Income Plans … 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+. It was initially recognised as Safe Home Income Plans, or SHIP until it was re-launched in 2012 and broadened its reach from equity release providers to financial advisers. the information on this website is intended for guidance purposes only and does not constitute advice. ©2020 Equity Release Council. Council Chairman David Burrowes has issued a statement following our covid-19 response consultation, which is available by clicking here. There are two types of equity release; Lifetime Mortgages and Home Reversion plans. The Equity Release Council aims to protect the customer by putting safeguards and guarantees in place so that the customer has better knowledge, treated fairly and able to confidential make their decision if equity release is right for them. Even if the future value of your client's home is less than the amount they owe, their estate will never be left with a debt from our lifetime mortgage products when your client dies or goes into permanent residential care and their house is sold. “We encourage customers who are considering releasing equity to use a Council member, to benefit from these extra protections and safeguards. A webinar on the new Checklist for Advisers took place on June 18 and is now available to members as a podcast by clicking here. The Equity Release Council is an organisation dedicated entirely to the protection of over 55 equity release plan holders and the promotion of safe home income and equity release plans.. Equity Release Council code of conduct. For your safety, we only work with providers who are registered with the Equity Release Council, the recognised industry body for equity release. The Council has broadcast guidance to members on non face-to-face legal advice. A lifetime mortgage or equity release is the process of releasing money tied up in your property. The webcast features Council Chair David Burrowes, the Council’s Standards Board Chair Chris Pond and the MD of Equilaw Claire Barker. Church Lane Thornby Equity Release Loans is a free service that connects you to Financial Advisors regulated by the Financial Conduct Authority (FCA). 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. The Council has issued a statement to members on its response to the pandemic, which is available by clicking here (members only). NN6 8SN. The Equity Release Council has launched a Best Practice Guide to complement its Checklist for Advisers and support firms when… - Read More All Rights Reserved. It was initially recognised as Safe Home Income Plans, or SHIP until it was re-launched in 2012 and broadened its reach from equity release providers to financial advisers. The Council has published guidance after agreeing  to enable cases to complete without a physical face-to-face meeting with a solicitor. All firms advising on or selling equity release have to be regulated by the Financial Conduct Authority (FCA). The Equity Release Council is a self-regulated non-profit organisation that safeguards the interests of homeowners and specialises in all things equity release-related. 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. ©2020 Equity Release Council. Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of … Only advisers holding membership of the Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind. Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments. The Old Rectory 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. This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). The new Checklist builds on an update of the Council’s rules and guidance, which came into Council publishes Best Practice Guide for advisers. About the Equity Release Council The Equity Release Council is the industry body for the UK equity release sector; representing the providers, qualified financial advisers, solicitors, intermediaries. We also call on more advice firms to sign up to these best practice standards”. Council Chairman, David Burrowes, has issued a statement to consumers to update them on our response to the Covid-19 pandemic, which is available by clicking here. ERC was formed in 1991 in an attempt to improve the … There are two models, face to face and telephone advice, both aimed at protecting the interests of the customer leading to the most appropriate and correct solution for each individual enquiry. 27% To gift to family ( living inheritance) “We are continually reviewing our standards, and this latest version of the Checklist will support advisers in taking a personalised approach to each customer. Prior to FCA regulation, many lenders signed up to Equity Release Council (ERC) formerly known as Safe Home Income Plans (SHIP), a voluntary code of conduct that provides a number of guarantees. Meanwhile, the Council is consulting with members – including legal practitioners, advisers and providers – about changes to face-to-face advice requirements. The Council has received a response from the FCA after it called for a clarification on the regulator’s work from home guidance for advisers. Chris Pond, Chairman of the Council’s Standards Board, said: “This updated Checklist captures the most important points to cover from FCA regulations and Equity Release Council Standards. My 80-year-old widowed Mother-In-Law purchased the property outright in 2002 and lives off the basic state pension. Where a customer is re-mortgaging onto a lower interest rate or to release further capital, the checklist captures the need for a detailed analysis of features and benefits to compare the existing and recommended new plan. 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. The Equity Release Council’s market statistics are compiled from member activity, including all national providers in the equity release market. The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. You should choose a product from a company that is a member of the Equity Release Council. The Council has issued a statement to the media on its rapid and ongoing consultation which is available by clicking here. The comprehensive checklist is designed to complement customer-facing documents, including fact finds and suitability reports, and support a consistent standard of advice for consumers across the market. 55 Plus Equity Release is a member of the Equity Release Council. Firms should be sensitive to individual consumers’ circumstances, particularly those with potential vulnerabilities. The Council has implemented its business continuity plan and is continuing to provide key services. The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. Click here to download the Checklist itself. Equity Release Council makes double appointment It was designed to ensure consumers receive a high-quality and personalised service from their … All Council staff and key contractors are working from home. “The update will help address subsequent feedback highlighted in the regulator’s recent review of the sales and advice process by helping advisers to understand, fulfil and demonstrate the specific needs of each and every customer. All firms are expected to treat customers fairly, in accordance with Council principles and those of their respective regulators, with respect to health considerations and additional financial pressures that may arise from the pandemic. Further details are available by clicking here (members only). Equity Release can free up funds for home improvements, tidying up your debts, increasing your income or even helping your children or grandchildren to get onto the property ladder. The Equity Release Council are the industry body for the UK’s sector of Equity Release. Equity release is fully regulated by the Financial Conduct Authority (FCA) - all of our plans meet the Equity Release Council standards, offering additional protection.. Family matters. Merry Christmas and a Happy New Year from everyone at…, Mortgage Introducer has published an article following the Council's appointment…, Proportion of over-55s worried about running out of money in…, Equity Release Council The Equity Release Council has made the double appointment of a membership and business development manager and public affairs manager. These articles first appeared in our newsletter. The council has recruited Lorraine Cox as membership and business development manager. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. Equity Release products are available if you are a homeowner aged between 55 and 95. Equity Release Council – Our Rules and Guidance – Introduction The following is a set of Rules & Standards which apply to all Equity Release Council Members. Not all providers, advisors, solicitors or surveyors are members of the council. The Equity Release Council, the representative trade body for the equity release sector, publishes Q3 2020 equity release market statistics. Equity Release Council The content on this website is for information only. The Council has published a Covid-19 update from OneFamily which is available here. Covid-19 business continuity summary – Equity Release Council Covid-19 business continuity summary As a consumer-focused trade body, the Council is extremely sensitive to and closely monitoring the developing situation with Covid-19. It prompts advisers to recommend that customers review or set up a will and seek advice from a solicitor or qualified person if they do not have a Power of Attorney. 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. They are available to non-members. The council represent the Equity Release sector, promoting high standards of conduct and practice on advice of Equity Release. EQUITY RELEASE COUNCIL - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity It was created to promote safe equity release products and to safeguard the interests of homeowners. NN6 8SN. Equity release overview It's safe. The Council is consulting on potential changes to its current requirements for face-to-face legal advice. “Coupled with independent legal advice and product safeguards, this financial advice process provides the highest level of consumer protection for any later life property-based loan. 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. Click here to read it. Reasons people use Equity Release. Members of the Council include providers, legal practitioners, surveyors, funders and a growing variety of advice firms – all of whom sign up to the Council’s best practice Standards of consumer protection. The ballot for directors’ positions on the Council’s main board is now open and details can be found by clicking here (members only). 9 Dec 2020. You don’t need to have fully paid off your mortgage to do this. 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