All aspects of equity release advice and product provision will be covered by one body committed to consumer protection and education.
Members of the organisation will develop a broader code of conduct to increase consumer safeguards that will complement the consumer guarantees that existing members offer customers.
Accessibility to equity release products will also be improved using the trade body’s new website. Consumers will be able to identify advisers, providers, solicitors and organisations who abide by the Council standards.
The Equity Release Council will be headed by chairman, Nigel Waterson, who will oversee the direction of the organisation and the director general, Andrea Rozario, who will take responsibility for the day-to-day running of the council.
The newly-formed Standards Board headed by Chris Pond will determine and maintain the principles the Council members must adhere to. This will be done via The Council’s technical committees who will be responsible for engaging with members to help the industry work as one to further improvements in the customer journey, whilst facilitating a positive environment for all those who work in the industry.
Waterson said: “This is a really significant day for thousands of older people in the UK. After an extensive engagement process, equity release now has a trade body which represents the entire sector - The Equity Release Council.
“This is excellent news for the industry as by working together we can ensure that government and potential customers understand the benefits that equity release can provide.”
Rozario added: “With housing equity likely to be at the heart of many peoples retirement planning now – and in the future – it is vital that as an industry, we adapt to meet consumer needs.
“The launch of the council provides us with an excellent opportunity not only to make equity release products easier to access for customers but to encourage more product development to meet UK consumers’ changing retirement needs.”
Pond said: “Equity release could help many people meet their needs in retirement - a better quality of life, meeting the costs of long-term care, giving a helping hand to a younger generation or just clearing debts. But the market for equity release can only grow if the public and policymakers have confidence that the highest standards of consumer protection will be maintained.
“That's why it's important that all those engaged in equity release sign up to a code of conduct that meets consumer needs. The Equity Release Council will fulfil a vital role in building on the work of SHIP by extending that commitment throughout the industry.”
