equity release council

All Rights Reserved. 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. The council has recruited Lorraine Cox as membership and business development manager. 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. No Negative Equity Guarantee As a member of the Equity Release Council, we offer a 'No Negative Equity Guarantee'. 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. It is available to non-members. 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. You don’t need to have fully paid off your mortgage to do this. 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+. 55 Plus Equity Release is a member of the Equity Release Council. The new Checklist builds on an update of the Council’s rules and guidance, which came into 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 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. 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. Church Lane Thornby The Old Rectory Click here to read it. The Council has implemented its business continuity plan and is continuing to provide key services. The Equity Release Council, the representative trade body for the equity release sector, publishes Q3 2020 equity release market statistics. ERC was formed in 1991 in an attempt to improve the … Equity Release Council – Our Rules and Guidance – Introduction The following is a set of Rules & Standards which apply to all Equity Release Council Members. Firms should be sensitive to individual consumers’ circumstances, particularly those with potential vulnerabilities. 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. the information on this website is intended for guidance purposes only and does not constitute advice. Equity release may impact Pension Credit, Council Tax Discount and Universal Credit EQUITY release may be an appropriate option for those who … All firms advising on or selling equity release have to be regulated by the Financial Conduct Authority (FCA). 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 Council has published a Covid-19 update from OneFamily which is available here. 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. This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). 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. Equity Release products are available if you are a homeowner aged between 55 and 95. 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. To watch the video and to view all of the guidance click here. 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. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. They are available to non-members. 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. This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it. 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. Church Lane Thornby For your safety, we only work with providers who are registered with the Equity Release Council, the recognised industry body for equity release. As a consumer-focused trade body, the Council is extremely sensitive to and closely monitoring the developing situation with Covid-19. There are two types of equity release; Lifetime Mortgages and Home Reversion plans. 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. ... With this in mind, your house is generally your largest asset. 9 Dec 2020. Further details are available by clicking here (members only). NN6 8SN. The Council has issued a statement to the media on its rapid and ongoing consultation which is available by clicking here. 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. Members of the equity release council. The Equity Release Council are the industry body for the UK’s sector of Equity Release. • 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). “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. Meanwhile, the Council is consulting with members – including legal practitioners, advisers and providers – about changes to face-to-face advice requirements. A lifetime mortgage or equity release is the process of releasing money tied up in your property. 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. 27% To gift to family ( living inheritance) 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. 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. effect on 1 January 2020. 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. Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments. Last week’s webcast on non face-to-face legal advice is now available for non-members. EQUITY RELEASE COUNCIL - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity 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. Council Chairman David Burrowes has issued a statement following our covid-19 response consultation, which is available by clicking here. Members can read further information by clicking here. The Old Rectory Equity release overview It's safe. These articles first appeared in our newsletter. “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. Equity release plans meet the Equity Release Council standards to protect your loved ones from negative equity. The Council has broadcast guidance to members on non face-to-face legal advice. 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 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. All Rights Reserved. ©2020 Equity Release Council. 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 … The ballot for directors’ positions on the Council’s main board is now open and details can be found by clicking here (members only). Not all providers, advisors, solicitors or surveyors are members of the council. The Council has published general covid-19 information here as well as updates from L&G and Just. Equity Release Loans is a free service that connects you to Financial Advisors regulated by the Financial Conduct Authority (FCA). Each rule is accompanied by a set of guidance or activities which will help a member firm demonstrate compliance with the rules. “We are continually reviewing our standards, and this latest version of the Checklist will support advisers in taking a personalised approach to each customer. 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. Council publishes Best Practice Guide for advisers. We also call on more advice firms to sign up to these best practice standards”. The Council has published guidance after agreeing  to enable cases to complete without a physical face-to-face meeting with a solicitor. The council represent the Equity Release sector, promoting high standards of conduct and practice on advice of Equity Release. They represent the lifetime mortgage providers, solicitors and financial advisers. NN6 8SN. The webcast features Council Chair David Burrowes, the Council’s Standards Board Chair Chris Pond and the MD of Equilaw Claire Barker. 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. 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. The Council has issued a statement to members on its response to the pandemic, which is available by clicking here (members only). The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. 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. The Equity Release Council has made the double appointment of a membership and business development manager and public affairs manager. The equity release council is a trade organisation that represents the equity release industry. 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. Click here to download the Checklist itself. 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. Equity Release Council makes double appointment It was designed to ensure consumers receive a high-quality and personalised service from their … To make sure you are dealing with a genuine member look for the logo and search our web site under member directory. 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. The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of … Long-time follower, but first-time poster here, Can anyone possible help with some advice on Equity Release on an ex-council flat. Reasons people use Equity Release. 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. ©2020 Equity Release Council. The Equity Release Council has launched a Best Practice Guide to complement its Checklist for Advisers and support firms when… - Read More Equity Release Council My 80-year-old widowed Mother-In-Law purchased the property outright in 2002 and lives off the basic state pension. 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. CONTACT US. Only advisers holding membership of the Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind. All Council staff and key contractors are working from home. The Council is consulting on potential changes to its current requirements for face-to-face legal advice. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. You should choose a product from a company that is a member of the Equity Release Council. “We encourage customers who are considering releasing equity to use a Council member, to benefit from these extra protections and safeguards. 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. 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. 1. The content on this website is for information only. 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. It was created to promote safe equity release products and to safeguard the interests of homeowners. 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