The new ERC committee will be in post for the next two years and is made up of professionals from the trade body’s membership.
There are 11 members of the committee, and they will be responsible for developing the council’s consumer safeguards.
This follows a review of the organisation’s governance and now brings together all the elements which impacts the customer experience such as technology, solicitors, surveying, advice and providers.
The ERC is also recruiting an independent chair to oversee the committee as well as a new member panel which will shape the council’s business planning and strategic direction.
Members of the committee include James Ginley, director of technical surveying at E.surv Chartered Surveyors; Thomas Brett, head of mortgage and lending at Contact State; Paul Saroya, director at Viva Retirement; and Samantha Ludkin, senior product manager, lifetime mortgages at Lloyds Banking Group.
The responsibility of approving proposed standards will remain with the council’s board.
The most recent standard to be implemented was to make penalty-free partial repayments available on all equity release plans recognised by the ERC.
ERC: ‘Council standards are stronger than ever’
Jim Boyd, CEO of the ERC, said: “Our standards committee will continue to evolve our safeguards to meet changing consumer needs.
“The importance of our safeguards has remained a constant for over 30 years. This commitment to industry improvement has transformed the profile and reputation of equity release with consumers, government and regulators alike. Council standards are stronger than ever following the launch of our fifth product standard last year, giving all new customers the option to pay down their loan via voluntary penalty-free partial repayments.
“Modern equity release is a trusted and socially important product that enables older people to meet daily living expenses, make aspirational purchases or support their loved ones. It should be on all homeowners’ financial checklists as they approach later life.”