Trade bodies exist to serve members’ collective interests and growing our market should be the absolute focus of our trade body, as every member I’ve spoken to concurs.
But with the whole supply chain represented from provider through to intermediary and solicitor; it’s no mean feat keeping everyone happy.
The council fights hard on all fronts in representing our views, whilst maintaining a rear-guard action against the risk of surprise attack from sales in times gone by.
The council (nee SHIP) has irrefutably delivered in consumer protection with product safeguards unequalled by any other area of financial services and more is being done as I can testify from my position on the Adviser Standards Working Group.
Trade bodies have another function; lobbying those of influence in matters affecting the trade. With equity release having a huge beneficial impact socially, notably more so in austere times, it’s logical that our trade body should adopt a charm offensive with policymakers.
Yet politicians don’t enjoy wide public trust and remain prone to Westminster’s revolving doors, so could members funding be better deployed in other areas such as educating media and consumers?
Yes, with Just Retirement’s recent consumer research portraying the gulf that exists in consumer understanding of equity release and the reality of the product and its actual many benefits. A recent council appearance on Radio 4’s Moneybox was well received by members, whetting our appetite for repeat performances.
Simon Chalk is equity release technical manager at Age Partnership
