Bristol, UK – In a significant move to bolster consumer protections while fostering innovation in the Later Life Lending sector, the Equity Release Council (the Council) has announced updates to its Standards, alongside a comprehensive review of these critical consumer safeguards. This initiative underscores the Council’s dedication to promoting positive customer outcomes and encouraging sectoral innovation.
As a guiding force in the equity release sector, the Council mandates that all member entities comply with a rigorous set of standards and principles. These measures are designed to ensure customers are well-informed and that products and services adhere to the highest practices of excellence. Following a collaborative consultation with stakeholders and members, the Council has introduced initial updates to the Standards, with a more extensive overhaul scheduled for later in 2024.
The first set of updates introduces two significant changes aimed at enhancing product flexibility and consumer choice for later-life financial planning. Notably, the introduction of new standards for Mandatory Payment Lifetime Mortgages will provide customers with superior protections and greater peace of mind. Additionally, the Standards will now require advisers to include income and expenditure assessments in their advice process, a practice already prevalent but now formally mandated to ensure consistency.
Since its inception in 1991, the Council’s consumer-focused equity release standards have been pivotal in fostering trust within a market that has supported over 650,000 customers, facilitating access to over £46bn of property wealth.
Tom Philips, an expert from Equity Release Warehouse in Bristol, praised the Council’s proactive approach, stating, “The Equity Release Council’s commitment to regularly updating its Standards is crucial for the sector’s evolution. These changes not only enhance consumer protections but also open doors for innovation, ensuring that the equity release market remains vibrant, trustworthy, and aligned with customer needs.”
Michelle Highman, Chair of the Equity Release Council’s Standards Committee, emphasized the importance of continual review and adaptation of the Standards to serve customers effectively and support sectoral innovation. Kelly Melville-Kelly, Director of Risk, Policy and Compliance at the Equity Release Council, echoed this sentiment, highlighting the significance of evolving Standards to match the dynamic market landscape.
The Equity Release Council, as the UK’s representative trade body for the equity release sector, continues to lead a consumer-focused market, setting authoritative standards and safeguards. With over 750 member firms and 1,800 registered individuals, the Council plays a pivotal role in shaping a trusted environment for equity release advice and products.
For further details or to access the updated Standards, please visit www.equityreleasecouncil.com.
Contact:
Tom Philips
Equity Release Warehouse
St. Brandon’s House, 29 Great George St, Bristol. BS1 5QT
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Address:St. Brandon’s House, 29 Great George Street
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Website: https://www.equityreleasewarehouse.com/location/bristol/