Since it succeeded SHIP in May 2012, The Council has made a strategic bid to profile raise and lobby for to boost public, regulatory and political awareness of equity release at a time when its popularity is blossoming.
The total annual value of equity release plans has grown by 36% since 2011, said the Council.
Members’ input to The Council’s industry working groups continues to support three levels of protection for consumers, encompassing a structured financial advice process, legal advice and product safeguards such as the no negative equity guarantee.
An updated checklist for advisers was formalised in summer 2013, ensuring every customer receives a suitability report to show why a particular product suits their needs.
The Council’s provider members now make a copy of the Code of Conduct available during consultations, and a further change means that independent legal advice is always given face-to-
Nigel Waterson, chairman of The Equity Release Council, said: “There is no doubt that housing wealth is increasingly valuable to our ageing population in retirement. More and more people are taking the logical step of using a modest part of the sum tied up in their homes to help fund their later years.
“Improving awareness and understanding of equity release in public and policy circles remains a top priority for The Council in 2014. With a strengthened internal team and more members on board, we can look forward to what already looks set to be another landmark year for the market.”
Mortgage Solutions and The Equity Release Council co-host the equity release awards, the only ceremony celebrating the achievements of this specialist sector.
See the gallery and all the 2013 winners from the event here.
