Equity Release Council has 3 main key themes. A key role that is central to the process of considering, evaluating and entering a contract in equity release, which is why the Financial Conduct Authority requires customers to seek advice when releasing equity from their homes. The benefits, obligations, variables and limitations must be clearly set out in their literature, including all costs which the applicant has to bear in setting up the scheme, the position on moving home, the tax situation and the effect of changes in house value. This means that regardless of what happens in the housing market, there will never be more owed than the value of the property. To help protect consumers, the Council sets certain standards and insists on a code of conduct for both providers and advisers to abide by. 3. As a member of the Equity Release Council, Doug is happy to be bound by their Code of Conduct . However, the ERC Code of Conduct ensures that clients commit to a product which allows them to stay in their home for the remainder of their lives or until they enter a long term care facility. What is the ERC’s Code of Conduct? Do I have the freedom to move to suitable alternative property without financial penalties? Their aims and objectives for protecting the consumer and facilitating informed decisions was the primary inspiration behind the establishment of the ERC. We are required to: Ensure that all our actions promote public confidence in equity release as a potential retirement solution ; Act at all times in utmost good faith ; Communicate … If you are considering equity release, it is worth taking the time to familiarise yourself with the Safe Homes Income Plans Board and the ERC Code of Conduct. Equity Release Council. He has an insight into many of the issues which face older consumers as he had roles including Trustee for the International Longevity Centre, Member Society of Pension Consultants Council and former Chairman for the All Party Group for Older People. Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of practice. Is the Prudential Equity Release Calculator for New Equity Release Schemes Still Available? Find out for to take part in the Gov’s £2bn work placement scheme. Do I have the right to live in my property for the rest of my life? Members of the Equity Release Council have to abide by a Code of Conduct that guarantees that our ethics and standards. Advisers. It was initially recognised as Safe Home Income Plans, or SHIP until it was re-launched in 2012 and broadened its reach from equity release providers to financial advisers. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. The existing Safe Homes Income Plans Board was incorporated into the new ERC in the form of a board of standards. We are the industry body for the UK equity release sector; representing the providers, qualified financial advisers, solicitors, intermediaries. All plans carry a ‘no negative equity’ guarantee, which means that you will never owe more than the value of your home. The Standards Board is incorporated as part of the Equity Release Council and exists to ensure that equity release products are safe and reliable for consumers. Where can I find the Best Equity Release Calculator. 4. The Equity Release Council Code of Conduct. 1. Will I receive either a cash sum or regular income payments? The current Chairman is Nigel Waterson. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. Each member of the Council that provides equity release products is signed up to the Equity Release Council’s Code of Conduct which puts in place a number of … About Us. As members of The Equity Release Council every one of our Independent Advisers must adhere to a strict code of conduct: Customers have the right to remain in their property for life. And our expert partner, Age Lifetime, is also a member of the Equity Release Council – a trade body whose members must follow a strict code of conduct. It was developed as an expansion of the Safe Home Income Plans (SHIP) guidelines and aims to provide consumer protection by representing providers, advisors, surveyors and legal representatives associated with equity release. 2. What is the Safe Home Income Plans Board (SHIP)? Who Chairs Safe Homes Income Plans? 55 Plus Equity Release is a member of the Equity Release Council. You will also be provided with a Keyfacts about our services document, a copy of our Vulnerable Customers Policy and the Equity Release Council Code of Conduct document. The solicitor will be required to sign a certificate to the effect that the scheme has been explained to the client. Only advisers holding membership of the Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind. The equity release code of conduct. We are members of the Equity Release council and adhere to their strict code of conduct. To provide customers with fair, simple and complete presentations of their plans. Providers. Financial Conduct Authority. ... evaluating and entering into an equity release contract and their advice is a requirement of the Financial Conduct Authority. Launched in 1991 as the Safe Home Income Plan and recently rebranded, The Equity Release Council is an organisation that is supported by the leading providers of equity release to promote safe schemes and to safeguard the interests of homeowners. You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. The Equity Release Council is a trade body especially established for the equity release industry. 2. If the complainant remains unsatisfied they can take their complaint to the Financial Ombudsman Service. Equity Release Council code of conduct. He aims to lead a reinvigorated organisation which can meet the vital challenges in the equity release industry. Responsible LifeUnits 11-21, 4A Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits. It was developed as an expansion of the Safe Home Income Plans (SHIP) guidelines and aims to provide consumer protection by representing providers… File size: 2 MB | Type: pptx | Resources. For free initial advice call: 01202 416856 or 07862 708429 . Here at Tees our Equity Release Council member and SOLLA accredited experts are on hand to help advise you every step of … Associates. The Equity Release Council Code of Conduct. Our adviser will talk you through this and the setting up costs before you make any decision to proceed. 3. All Rights Reserved. Equity Release Council members and the wider sector are being encouraged to take part in the Government’s £2bn Kickstart work-placement scheme, after a gateway training provider offered to submit a collective bid. Should you accept our advice, we will then use your personal information to complete the application form for the recommended lender contained within our illustration. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. Bower is a member of The Equity Release Council (ERC), the industry body for the equity release sector. Members of the Equity Release Council We are a member of the Equity Release Council, the industry body that works to insure best practise across the sector. Their code of conduct states that: You must receive financial and legal advice; All products must have a ‘no negative equity guarantee’ A: Today’s equity release market is regulated by the Financial Conduct Authority (FCA). This means that people who use equity release products offered by Equity Release … The Equity Release Council (ERC) has said it will conduct a “thorough review” to ensure its rules and guidance reflects issues raised in equity release advice by … If you release equity through a ERC member, then the answer to all of these questions is guaranteed to be YES. The Equity Release Council was founded in 1991 to protect customers from malpractice. When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. The Financial Conduct Authority has sounded alarm bells over unsuitable equity release advice after a review found some mortgage advisers were falling short in the market. 4. You don’t need to have fully paid off your mortgage to do this. If you are considering releasing equity from your home, you should ask yourself three key questions: 1. Get all the facts about equity release and see if it’s something you wish to consider by reading your free equity release guide. Act at all times in utmost good faith, with the best interests of their customers being paramount, by treating customers fairly in all their actions. In all cases prior to the completion of the plan, the solicitor will be provided with full details of the benefits the client will receive. The Equity Release Scotland Free Guide to Equity Release offers a clear and concise explanation of what equity release is, and how these increasingly popular schemes work. Safe Equity Release since 1991. It ensures that they will not leave a debt for their family as there is a no negative equity guarantee incorporated into every equity release product recommended by ERC members. The Safe Home Income Plans Board (SHIP) was the predecessor of the Equity Release Council. Responsible Equity Release is a trading style of Responsible Life Limited. Access help and information on equity release Consumer helpline: 0800 111 6768. This body ensures that a strict code of conduct, which exceeds the Regulator’s rules, is adhered to when we advise customers on Equity Release Plans. 1. Help With Bereavement. Kevin Woods is a member of the Equity Release Council. The Equity Release Council has published a ‘best practice’ guide for advisers to ensure consumers receive a quality service and that case files capture sufficient details. The members, including lenders, who sign up to the Council, agree to abide by its code of conduct. We are required to abide by a code of conduct that guarantees our ethics and standards. Launched in 1991 as the Safe Home Income Plan and recently rebranded, The Equity Release Council is an organisation that is supported by the leading providers of equity release to promote safe schemes and to safeguard the interests of homeowners. Provides practical support and guidance to help you and your family through a difficult time. Solicitors. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. Equity Release Equity Release advice for advice for Alresford, Winchester and surrounding villages. He is completely independent and has access to the whole market. Equity Release Council is a consumer trade body - Equity Release Bournemouth. The Equity Release Council is a trade body especially established for the equity release industry. The Code of Conduct in place with the ERC has been based on the original Safe Home Income Plans guidelines. For many people the main concern about equity release is losing their home. Over the course of almost 30 years, the Equity Release Council continues to represent the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart. The Equity Release Council (“The Council”) is a voluntary body which aims to ensure that its members are highly professional and act with integrity and transparency in offering high-quality products and services to customers. The Code of Conduct allows for safeguards which provide consumer confidence and peace of mind. A major focus of the Equity Release Council’s work is to ensure that products are safe and accessible for consumers. Each member of the Council that provides equity release products is signed up to the Equity Release Council’s Code of Conduct which puts in place a number of … Additionally, the Equity Release Council agreed to enable remote provision of legal advice shortly after the first lockdown began in March, subject to ongoing review. Members of the ERC agree to provide a fair, simple and complete presentation of their plans. The Overarching Principles specify that members will: Ensure that all their actions promote public confidence in equity release. It can provide valuable assurance and allow you to proceed with confidence. To allow customers to remain in their property for life provided the property remains their main residence. A major focus of the Equity Release Council's work is to ensure that products are safe and accessible for consumers. The Equity Release Council (“The Council”) is a voluntary body which aims to ensure that its members are highly professional and act with integrity and transparency in offering high-quality products and services to customers. It provides strict regulations which must be adhered to by all members. The Equity Release Council aims to protect the customer by putting safeguards and guarantees in place so that the customer has better knowledge, is treated fairly and is able to confidently decide whether Equity Release is right for them. 3. For any people considering equity release, you may have heard the term Equity Release Council, but be unfamiliar with who they are and how they can affect you. 2. There is also a trade body called the Equity Release Council, (formerly known as SHIP-Safe Home Income Plans) running alongside the regulator. Equity Release Swansea. ERC members are regulated by the Financial Services Authority (FSA) and are required to follow a strict procedure for dealing with complaints. How can Equity Release help you? A major focus of the Equity Release Council’s work is to ensure that products are safe and accessible for consumers. As we’ll explain in this article, equity release is just one of several options that are now available to over 55s who wish to increase their income. Copyright © Responsible Life Limited 2020. Award winning equity release specialists. Affiliates. The client’s legal work will always be performed by the solicitor of their choice. The Equity Release Council is a self-regulated non-profit organisation that safeguards the interests of homeowners and specialises in all things equity release-related. In addition, by becoming a member Equity Release Council, I can guarantee the quality of the Equity Release products and advice are governed by the industry code of conduct.” It set the code of conduct, and the principles and standards for members of the ERC. Each member of the Council that provides equity release products is signed up to the Equity Release Council's Code of Conduct which puts in place a number of safeguards and guarantees for consumers. This ensures that clients are fully informed in their decisions and protected. The Equity Release Council Code of Conduct The Equity Release Council Code of Conduct set strict criteria to which members must adhere. 5. The Code of Conduct also insists that all customers receive fully qualified advice with information about the entire process before they are committed to a scheme. Equity Release Council Code Of Conduct: (Reproduced with kind permission from Andrea Rozario, Director General of Equity Release Council). Having been a qualified mortgage adviser for over 20 years, I took the additional step of the ERC1 qualification to advise in the Equity release market. This Code of Conduct puts in place safeguards for consumers to ensure that they can have confidence in Equity Release Council members and … This Safe Home Income Plans Standards Board now exists to ensure that consumers are safe and protected with reliable equity release products. What are the benefits of dealing with a ERC member? Doug is a member of a specialist industry group which can often mean loans are at better rates than normally available. Waterson believes strongly that equity release can provide great opportunities to boost the incomes for the retired; fund the costs for long term care and create a better degree of comfort for people in their older age. For any people considering equity release, you may have heard the term Equity Release Council, but be unfamiliar with who they are and how they can affect you. 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