The Derby-based firm will offer valuation and risk management services to council members with the aim of providing increased protection to consumers taking out equity release plans.

The trade body was previously known as SHIP before relaunching as the Equity Release Council earlier this year. It said in May that around 30 firms were in talks to join the council.

Mel Kettle, client services director at Gateway, said the firm saw the potential growth in the equity release sector as a big reason for joining the council.

“Over the past 12 months Gateway has been actively involved in the strategic review undertaken by SHIP and its re-launch as the Equity Release Council.

“It’s therefore a very logical step for Gateway to become an active member of the Council and to provide professional advice around the valuation services required by equity release mortgage providers.

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“The marketplace for equity release is huge, with tremendous growth potential over the next decade or so. Gateway is keen to play its part in delivering to fellow members and consumers the high professional standards that the Equity Release Council has set.”

Andrea Rozario, director-general of the Equity Release Council, added: “After an extensive engagement process, equity release now has a trade body that represents the entire sector.

“We were keen to broaden the membership of the Council to include the key stakeholders, including advisers, lawyers and surveyors. Gateway is recognised for its very high standards of service and for its innovative approach.

“We welcome them to the membership of the Council and look forward to their proactive support in the development of the Council over the coming years.”