Consumers and the businesses that serve them are strongly urged to follow health advice from Government and public health bodies to safeguard personal health and well-being and to support the individual, national and global response to the pandemic. December 9, 2020. Latest News. There is much more to Mortgage Solutions…, For just two more minutes of your time, you can register for premium access. © AE3 Media Ltd, Floor 7, Lincoln House, 296 - 302 High Holborn, London WC1V 7JH, Company registration number 8938488. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. She brings over 30 years of financial services experience in marketing and … “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. The Equity Release Council is the industry body for the equity release sector. Tagged with: Equity Release Council guidance vulnerable customers, Your email address will not be published. All the latest news, analysis and insight from the mainstream residential lending market. 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. Suitably qualified replacements may be sent if you are unable to attend; however, the organisers must approve them before the event takes place. He was also chief executive of trade association the Confederation of Passenger Transport UK. Council publishes Best Practice Guide for advisers. The guide, which complements its Checklist for Advisers, is … Register to gain access to MortgageSolutions.co.uk for the latest news analysis, interactive comment, industry video and features, all at your finger tips. 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. 0. In the guide extra focus is put on customers who may be vulnerable such as having physical or mental health issues, bereavement, … 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. 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. UK law shall apply to any claim against AE3 Media and all proceedings shall be within the exclusive domain of the UK Courts. in Later life lending However, it is important to keep in mind this is a product designed to last a lifetime, not to meet a short term need. Equity Release Council chairman David Burrowes says: “Independent face-to-face legal advice is vital to the consumer safeguards underpinning the equity release market. Should you be unable to attend, a substitute delegate is always welcome, subject to confirmation by the organisers and on receipt of the change in writing. 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. 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. You will be given an identification badge, which must be shown upon request. 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. Only urgent media enquiries will be answered during this period. “Our standards are based on extensive consultations with members and input from external parties, including the regulator. These standards ensure equity release customers receive the highest level of protection for any property-based loan in later life, with three layers of protection encompassing regulated financial advice, clear product safeguards and independent legal advice. And it will help support advisers in gathering soft facts and record customers’ use of language to show why the advice and any product recommended was suitable for the individual circumstances. But it will also guarantee that case files capture sufficient details. 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. Merry Christmas and a Happy New Year from everyone at the Council. When combined the two documents are designed to promote consistent advice for consumers and help advisers to satisfy regulatory requirements and the Council’s additional standards. Poll: Are back gardens the new hot selling point for homes? 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 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. We are extremely grateful to all our members, old and new, and we look forward to supporting you in 2021. ‘Expect a government U-turn on stamp duty’ – Star Letter 18/12/2020, The only argument for stamp duty extension is second lockdown – Star Letter 11/12/2020, ‘Some remortgage applicants are savvy enough to do it themselves, others are not’ – Star Letter 04/12/2020, How will lenders differentiate between Covid debts and high risk borrowers? The council has recruited Lorraine Cox as membership … This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). We support the FCA’s efforts to ensure all customers receive suitable advice on their options in later life. Season’s greetings – Read more. 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. 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