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 Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of … 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. The Council is consulting on potential changes to its current requirements for face-to-face legal advice. The equity release council is a trade organisation that represents the equity release industry. There are two types of equity release; Lifetime Mortgages and Home Reversion plans. The Equity Release Council are the industry body for the UK’s sector of Equity Release. 55 Plus Equity Release is a member of the Equity Release Council. All firms advising on or selling equity release have to be regulated by the Financial Conduct Authority (FCA). NN6 8SN. 27% To gift to family ( living inheritance) 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. 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 Council has implemented its business continuity plan and is continuing to provide key services. 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. Not all providers, advisors, solicitors or surveyors are members of the council. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. The content on this website is for information only. Equity release may impact Pension Credit, Council Tax Discount and Universal Credit EQUITY release may be an appropriate option for those who … 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. 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. For your safety, we only work with providers who are registered with the Equity Release Council, the recognised industry body for equity release. 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. 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. 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. 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. These articles first appeared in our newsletter. “We are continually reviewing our standards, and this latest version of the Checklist will support advisers in taking a personalised approach to each customer. 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. Equity Release Council – Our Rules and Guidance – Introduction The following is a set of Rules & Standards which apply to all Equity Release Council Members. 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. Members of the equity release council. 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. 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. 1. This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). 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