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In 2020 the council enjoyed membership growth of 16 per cent and approaches 1,400 individual members based in more than 560 firms. However, we recognise these are unprecedented times where acting in the best interests of consumers’ health … Samantha is CeMAP qualified. Poll: Have you ever successfully challenged a valuation? Poll: Did you manage to take a summer holiday? Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Required fields are marked *. 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 has published a Best Practice Guide to complement its checklist for advisers and support firms when discussing and documenting customer needs. If you are subsequently unable to attend, please make sure your notice of cancellation is sent at least three weeks prior to the date of the event. Merry Christmas and a Happy New Year from everyone at the Council. All the latest news, analysis and insight from the mainstream residential lending market. “The equity release sector has transformed in recent years, with more choice, better rates and improved consumer protections. “The continued raising of standards has been fundamental to this shift, so I am delighted to see the Equity Release Council continue to drive improvements across the market by launching its Best Practice Guide. By Joanne Atkin in Company news, Later life lending 22nd April 2020 0 The Equity Release Council (the Council) has broadened its industry representation with several new director appointments, following the latest election of members to its board. Posner’s career as a Whitehall civil servant and ministerial aide spans more than two decades. O riginally known as Safe Home Income Plans (SHIP), the Equity Release Council was relaunched in 2012 and extended its reach from equity release to financial advisers. The Equity Release Council published the temporary modification to enable those in need of accessing equity release finance to do so without creating additional barriers and delays. Equity Release Council sets out guidance to deliver more ‘personalised’ advice. © AE3 Media Ltd, Floor 7, Lincoln House, 296 - 302 High Holborn, London WC1V 7JH, Company registration number 8938488. Please enter your email address and we will email you a link where you can change your password. (Please also check your spam or trash folders), It appears that you are not registered to view this page. The council has recruited Lorraine Cox as membership … Follow her on Twitter @SamJPartington1. Lorraine Cox (pictured left) takes up the role of membership and business development manager to further support and add value to the organisation’s membership. Filing history for EQUITY RELEASE COUNCIL (02884568) People for EQUITY RELEASE COUNCIL (02884568) More for EQUITY RELEASE COUNCIL (02884568) Registered office address The Old Rectory Church Lane, Thornby, Northampton, United Kingdom, NN6 8SN . The guide, which complements its Checklist for Advisers, is designed to ensure consumers receive a high-quality and personalised service from their advisers. These standards and safeguards have allowed the sector to grow, giving financial advisers and their customers confidence in the products, dispelling myths about equity release, … Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. In the guide extra focus is put on customers who may be vulnerable such as having physical or mental health issues, bereavement, … 0. Equity Release Council, Thornby, Northamptonshire. “This new Best Practice Guide will be a valuable resource for new and experienced advisers as they seek to provide personalised advice to consumers and document their conversations. This latest edition was produced in October 2020 using data from customer activity during the third quarter of this year (July to September). UK law shall apply to any claim against AE3 Media and all proceedings shall be within the exclusive domain of the UK Courts. He was also chief executive of trade association the Confederation of Passenger Transport UK. AE3 Media will not be liable for damage, loss, injury, accident, annoyance, delay or irregularity, which occurs by reason of any act or default committed by any person or company. Suitably qualified replacements may be sent if you are unable to attend; however, the organisers must approve them before the event takes place. Do you think the Stamp Duty holiday deadline should be extended? Previously she worked worked for the Daily Mail and Property Week. By using this website you are consenting to the use of cookies. The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. Equity release continues to attract attention from consumers as a mainstream financial product for later life, with a 2% increase in new plans agreed by homeowners aged 55+ to 11,079 in Q1 2020 – the largest total for any Q1 period since records began in 1991. She brings over 30 years of financial services experience in marketing and … The Equity Release Council (the Council) has broadened its industry representation by appointing the first legal member to serve on its main Board. 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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+. “We are acutely aware that many households find themselves in financial difficulty due to the Covid-19 pandemic and we know, from our own research, that this has left many people re-thinking retirement plans. The Equity Release Council is urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. Information Hub. If you would like to know more about our privacy policy, please follow this link https://www.mortgagesolutions.co.uk/privacy-policy/. “Equity release is now becoming more of a natural choice for many planning retirement and is a valuable tool that enables people to enjoy a much fuller later life. Registered delegates have access to the seminars where applicable. Including industry news, adviser business strategy tips and market commentary. We support the FCA’s efforts to ensure all customers receive suitable advice on their options in later life. Specialist Lending Newsletter The Equity Release Council (the Council) has launched a Best Practice Guide to complement its Checklist for Advisers and support firms when discussing and documenting customer needs. Please note: the office will close on December 23 and reopen on January 4. The number of new equity release plans agreed in the third quarter increased by 41 per cent compared to the previous three months to reach 10,351, figures from the industry trade body reveal. Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. The guide, which complements its Checklist for Advisers, is … It is imperative to maintain product safeguards while also protecting customers’ personal health and wellbeing in the current climate. By Joanne Atkin 9th December 2020 11:17 am. Source: Company websites, 18th May 2018. The Equity Release Council (ERC) has published temporary modifications to the requirements for customers to receive face-to-face legal advice. Equity release plans jump 41%, reports ERC. Equity release is a means of retaining use of a house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.. Equity release is getting a lot of attention and hype these days as it becoming a recognised mainstream mortgage lending product. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions. The Equity Release Council Originally launched in 1991, the Equity Release Council (ERC) is an organisation that is supported by the leading providers of equity release within the UK. The guide complements the Council’s recently expanded 24-point Checklist for Advisers and comes following a review of its rules and guidance to confirm it is in line with the regulator’s vision. However, it is important to keep in mind this is a product designed to last a lifetime, not to meet a short term need. Simon Posner has been appointed public affairs manager. You are already registered for our newsletter. Poll: Are back gardens the new hot selling point for homes? Council publishes Best Practice Guide for advisers. Jim Boyd, chief executive of the Equity Release Council, said: “I am thrilled to welcome Simon and Lorraine to the team. The Equity Release Council found that, while there was a substantial pick-up in activity after lockdown restrictions eased, the number of plans […] The detailed guide has been produced by the Council’s Standards Board, drawing on decades of experience from expert adviser members representing a variety of firms in the market. You don’t need to have fully paid off your mortgage to do this. There were 10,351 new equity release plans agreed in the third quarter of 2020, new figures from the Equity Release Council have revealed, an increase of 41% from the previous quarter. This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). The modification has been made in response to the national lockdown to stop the spread of COVID-19, which prevents in-person meetings. The Equity Release Council has made the double appointment of a membership and business development manager and public affairs manager. By admin in Later life lending 9th December 2020 0. “Our Checklist for Advisers and Best Practice Guide help to ensure a wide range of factors are explored in depth to identify the most appropriate way forwards to meet each customer’s long-term needs.”. This comes at a pivotal time for the sector, as the importance of considering a range of retirement funding options only moves further up the agenda.”. But it will also guarantee that case files capture sufficient details. please sign-in using your email and password. “Our standards are based on extensive consultations with members and input from external parties, including the regulator. The signature of the delegate/visitor or his/her duly authorised agent on the registration form shall signify the delegate/visitor's acceptance of the above conditions and the same shall bind both parties to this contract. Latest News. How many of the three main protection policies most commonly used, term life assurance, critical illness (CI) and income protection (IP) do you personally have? The Equity Release Council is urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. “Simon and Lorraine’s extensive experience will bring additional momentum to our ongoing work in leading the way in setting the bar as a standards-setter in later life lending. A No Negative Equity Guarantee (part of the standard for Equity Release Council -compliant mortgages, making it the lender’s sole risk if the sale proceeds do not cover the eventual loan balance); Availability of drawdown facilities, instead of a single lump sum; The advent of inheritance guarantees. Should for any reason the venue or speakers change, or the event be cancelled due to an act of terrorism, extreme weather, disease control, industrial action, act of God or any eventuality beyond the control of AE3 Media, we shall endeavour to reschedule; but the client hereby indemnifies AE3 Media and holds AE3 Media harmless from and against any and all costs, damages and expenses, including legal fees, incurred by the client. Vote in our polls, get your opinion across on the news and watch out for our weekly editorial round-up features. The Equity Release Council has launched a Best Practice Guide to help advisers ensure they cover all bases when speaking to clients and documenting their needs. The council has recruited Lorraine Cox as membership and business development manager. Sara McLeish, CEO of Legal & General Financial Advice, said the new guide, alongside the checklist, offered a vital resource for advisers, helping them to provide high-quality and consistent advice to all consumers. “It is vitally important that the industry continually strives for consistent, accurate and robust advice so that all customers, particularly those who are vulnerable, understand the implications of borrowing in later life,” she added. A new Checklist for Advisers was issued to adviser-members following a review by the Council’s Standards Board which was informed by conversations with major stakeholders over several months. Only urgent media enquiries will be answered during this period. December 23, 2020. The Equity Release Council has updated a key safeguard that highlights some of the most important factors to consider during the advice process and ensures its rigorous standards are met. in Later life lending It was created to promote safe equity release products and to safeguard the interests of homeowners. She most recently worked at professional body the Chartered Insurance Institute managing large corporate relationships. Company status Active The Equity Release Council’s market statistics are compiled from member activity, including all national providers in the equity release market. If you don't receive the emails, please contact marketing@ae3media.co.uk or call 0203 815 3683. Tagged with: Equity Release Council guidance vulnerable customers, Your email address will not be published. The Equity Release Council’s market statistics are compiled from member activity, including all national providers in the equity release market. 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