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