equity release council code of conduct

This means that regardless of what happens in the housing market, there will never be more owed than the value of the property. 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. The Code of Conduct in place with the ERC has been based on the original Safe Home Income Plans guidelines. Our adviser will talk you through this and the setting up costs before you make any decision to proceed. The Equity Release Council. 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. 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 … 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. A major focus of the Equity Release Council’s work is to ensure that products are safe and accessible for consumers. 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. The board ensures that members can guarantee their clients are offered products and services conforming to the best practices within the sector. Where can I find the Best Equity Release Calculator. You don’t need to have fully paid off your mortgage to do this. ... evaluating and entering into an equity release contract and their advice is a requirement of the Financial Conduct Authority. 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. Do I have the right to live in my property for the rest of my life? Responsible LifeUnits 11-21, 4A Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Bower is a member of The Equity Release Council (ERC), the industry body for the equity release sector. Copyright © Responsible Life Limited 2020. Provides practical support and guidance to help you and your family through a difficult time. 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. Equity Release Council code of conduct. Equity Release Equity Release advice for advice for Alresford, Winchester and surrounding villages. 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 … 2. 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. This Safe Home Income Plans Standards Board now exists to ensure that consumers are safe and protected with reliable equity release products. It provides strict regulations which must be adhered to by all members. 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. 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. Associates. 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. 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 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. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. The Code of Conduct allows for safeguards which provide consumer confidence and peace of mind. Providers. 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. The Equity Release Council Code of Conduct. 4. 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. Affiliates. Award winning equity release specialists. There is also a trade body called the Equity Release Council, (formerly known as SHIP-Safe Home Income Plans) running alongside the regulator. Who Chairs Safe Homes Income Plans? For free initial advice call: 01202 416856 or 07862 708429 . It set the code of conduct, and the principles and standards for members of the ERC. Their aims and objectives for protecting the consumer and facilitating informed decisions was the primary inspiration behind the establishment of the ERC. Their code of conduct states that: You must receive financial and legal advice; All products must have a ‘no negative equity guarantee’ The client’s legal work will always be performed by the solicitor of their choice. 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. 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 Equity Release Council Code of Conduct The Equity Release Council Code of Conduct set strict criteria to which members must adhere. 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. File size: 2 MB | Type: pptx | Resources. 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. What is the Safe Home Income Plans Board (SHIP)? All Rights Reserved. Equity Release Council. This ensures that clients are fully informed in their decisions and protected. These standards and safeguards have allowed the sector to grow, giving financial advisers and their customers confidence in the products, … We are members of the Equity Release council and adhere to their strict code of conduct. The members, including lenders, who sign up to the Council, agree to abide by its code of conduct. This Code of Conduct puts in place safeguards for consumers to ensure that they can have confidence in Equity Release Council members and … Will I receive either a cash sum or regular income payments? Safe Equity Release since 1991. 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. It can provide valuable assurance and allow you to proceed with confidence. The Equity Release Council – The Industry Code of Conduct Who are The Equity Release Council? It was developed as an expansion of the Safe Home Income Plans (SHIP) guidelines and aims to provide consumer protection by representing providers… The Equity Release Council was founded in 1991 to protect customers from malpractice. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. About Us. To provide customers with fair, simple and complete presentations of their plans. 1. 4. The Equity Release Council Code of Conduct. 3. The Safe Home Income Plans Board (SHIP) was the predecessor of the Equity Release Council. 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. 3. 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 … Do I have the freedom to move to suitable alternative property without financial penalties? 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 Council is a trade body especially established for the equity release industry. The Equity Release Council is a trade body especially established for the equity release industry. 1. Equity Release Council has 3 main key themes. Doug is a member of a specialist industry group which can often mean loans are at better rates than normally available. We are required to abide by a code of conduct that guarantees our ethics and standards. 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. All plans carry a ‘no negative equity’ guarantee, which means that you will never owe more than the value of your home. 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.” The solicitor will be required to sign a certificate to the effect that the scheme has been explained to the client. 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. Advisers. 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. When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. 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. Responsible Equity Release is a trading style of Responsible Life Limited. For many people the main concern about equity release is losing their home. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. If you release equity through a ERC member, then the answer to all of these questions is guaranteed to be YES. As a member of the Equity Release Council, Doug is happy to be bound by their Code of Conduct . 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. What are the benefits of dealing with a ERC member? 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. The current Chairman is Nigel Waterson. The equity release code of conduct. Equity Release Council Code Of Conduct: (Reproduced with kind permission from Andrea Rozario, Director General of Equity Release Council). Members of the ERC agree to provide a fair, simple and complete presentation of their plans. He is completely independent and has access to the whole market. 5. To help protect consumers, the Council sets certain standards and insists on a code of conduct for both providers and advisers to abide by. 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. 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 … 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. 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. The existing Safe Homes Income Plans Board was incorporated into the new ERC in the form of a board of standards. 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. 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. A: Today’s equity release market is regulated by the Financial Conduct Authority (FCA). 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. Equity Release Swansea. What is the ERC’s Code of Conduct? Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of practice. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits. A major focus of the Equity Release Council's work is to ensure that products are safe and accessible for consumers. 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 the industry body for the UK equity release sector; representing the providers, qualified financial advisers, solicitors, intermediaries. Kevin Woods is a member of the Equity Release Council. Get all the facts about equity release and see if it’s something you wish to consider by reading your free equity release guide. Help With Bereavement. Members of the Equity Release Council have to abide by a Code of Conduct that guarantees that our ethics and standards. How can Equity Release help you? Equity Release Council is a consumer trade body - Equity Release Bournemouth. The Overarching Principles specify that members will: Ensure that all their actions promote public confidence in equity release. If you are considering releasing equity from your home, you should ask yourself three key questions: 1. Here at Tees our Equity Release Council member and SOLLA accredited experts are on hand to help advise you every step of … Is the Prudential Equity Release Calculator for New Equity Release Schemes Still Available? 55 Plus Equity Release is a member of the Equity Release Council. This means that people who use equity release products offered by Equity Release … 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. A major focus of the Equity Release Council’s work is to ensure that products are safe and accessible for consumers. If the complainant remains unsatisfied they can take their complaint to the Financial Ombudsman Service. 3. 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. 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