The Equity Release Council (ERC) has announced that mandatory face-to-face meetings for legal advice will be reinstated for equity release borrowers following a pause during the pandemic.
All customers taking out an equity release product which meets ERC standards will be required to have at least one in-person meeting with a solicitor from today.
The council temporarily amended its rules in April 2020 to comply with lockdown and social distancing measures.
Any cases already in progress which included a remote meeting for legal advice will need to be completed by 31 July.
The ERC said industry data suggested the majority of cases completed in Q1 this year involved in-person meetings for legal advice.
David Burrowes, chair of the Equity Release Council, said: “The temporary amendment to our requirement for face-to-face legal advice served its purpose well by protecting customers and maintaining their access to vital funds in trying circumstances.
“While restrictions have ebbed and flowed during the pandemic, we are hopeful the worst is now behind us. The time is right to return to the default of in-person legal advice while learning lessons about how technology can best support the overall process and customer experience.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
