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equity release council news

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Equity Release Council, Thornby, Northamptonshire. However, we recognise these are unprecedented times where acting in the best interests of consumers’ health … Company status Active Merry Christmas and a Happy New Year from everyone at the Council. We are extremely grateful to all our members, old and new, and we look forward to supporting you in 2021. The Equity Release Council has expanded its senior ranks to support the trade body’s growing membership. Required fields are marked *. 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. 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. 0. 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. “The equity release sector has transformed in recent years, with more choice, better rates and improved consumer protections. Mortgage Finance Gazette is owned by Metropolis International Group Limited, a member of the Metropolis Group; you can view our privacy and cookies policy here. 30 June 2020. Once you have registered and your application has been accepted, then you are expected to attend. Poll: Is your business operationally resilient in the event of an IT meltdown? Season’s greetings – Read more. Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Posner’s career as a Whitehall civil servant and ministerial aide spans more than two decades. We have selected some of the latest and most relevant Equity Release news from across the sector for you to read. It was created to promote safe equity release products and to safeguard the interests of homeowners. 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. Chris Pond, chairman of the Equity Release Council’s Standards Board, said: “As a standards-setter with almost three decades of experience, the Council continuously reviews and evolves its guidance for members to promote the highest standard of consumer protection. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. AE3 Media Limited is authorised and regulated by the Financial Conduct Authority, Thank you. There is much more to Mortgage Solutions…, For just two more minutes of your time, you can register for premium access. Equity Release Council chairman David Burrowes says: “Independent face-to-face legal advice is vital to the consumer safeguards underpinning the equity release market. 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. (Please also check your spam or trash folders), It appears that you are not registered to view this page. Poll: Are back gardens the new hot selling point for homes? The guide, which complements its Checklist for Advisers, is … Jim Boyd, chief executive of the Equity Release Council, said: “I am thrilled to welcome Simon and Lorraine to the team. Latest News. You may also be interested in the Specialist Lending Solutions newsletter. “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. “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. Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. By admin in Later life lending 9th December 2020 0. 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, … 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. 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 . She brings over 30 years of financial services experience in marketing and … Equity release is getting a lot of attention and hype these days as it becoming a recognised mainstream mortgage lending product. He was also chief executive of trade association the Confederation of Passenger Transport UK. © AE3 Media Ltd, Floor 7, Lincoln House, 296 - 302 High Holborn, London WC1V 7JH, Company registration number 8938488. In 2020 the council enjoyed membership growth of 16 per cent and approaches 1,400 individual members based in more than 560 firms. Please note: the office will close on December 23 and reopen on January 4. The expansion of our organisation will enable us to add even further value to members and drive meaningful change through political engagement – and support better consumer outcomes. 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. 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. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions. As a consumer-focused trade body, the Council is extremely sensitive to and closely monitoring the developing situation with Covid-19. If you would like to know more about our privacy policy, please follow this link https://www.mortgagesolutions.co.uk/privacy-policy/. 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. 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. 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. This latest edition was produced in October 2020 using data from customer activity during the third quarter of this year (July to September). It is imperative to maintain product safeguards while also protecting customers’ personal health and wellbeing in the current climate. But it will also guarantee that case files capture sufficient details. All the latest news, analysis and insight from the mainstream residential lending market. To overcome this, the Equity Release Council has published a temporary modification to the rules following a detailed consultation with its members and the industry. The Equity Release Council (the Council) has broadened its industry representation by appointing the first legal member to serve on its main Board. You don’t need to have fully paid off your mortgage to do this. Samantha is CeMAP qualified. Suitably qualified replacements may be sent if you are unable to attend; however, the organisers must approve them before the event takes place. 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 urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. You will be given an identification badge, which must be shown upon request. December 23, 2020. The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. Equity release: The four important points to consider for over 55s People can release money, continue to live in the property and own it, and it has a rate of interest attached. The guide, which complements its Checklist for Advisers, is designed to ensure consumers receive a high-quality and personalised service from their advisers. The Equity Release Council has released updated guidance for practitioners, which highlights some of the most important factors to consider during the advice process and … 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. Including industry news, adviser business strategy tips and market commentary. 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. 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. Information Hub. please sign-in using your email and password. Poll: Did you manage to take a summer holiday? 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. 9th December 2020 All cancellations must be received in writing. By using this website you are consenting to the use of cookies. 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. The council has recruited Lorraine Cox as membership and business development manager. She most recently worked at professional body the Chartered Insurance Institute managing large corporate relationships. 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. Our Equity Release Knowledge Hub is full of reports and documents from both the Council and the wider Sector. 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 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. We support the FCA’s efforts to ensure all customers receive suitable advice on their options in later life. Follow her on Twitter @SamJPartington1. The modification has been made in response to the national lockdown to stop the spread of COVID-19, which prevents in-person meetings. Equity release plans jump 41%, reports ERC. 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. By admin Equity Release Council sets out guidance to deliver more ‘personalised’ advice, Equity release plans jump 41%, reports ERC, First legal representative joins the Equity Release Council board, Equity release take-up plunges as homeowners apply caution during pandemic, New equity release guidelines include support for vulnerable customers, FCA calls on equity release firms to provide more tailored advice, New board appointments at the Equity Release Council, Buy-to-let availability falls amid rising demand from tenants, Mortgage approvals soar to pre-Credit Crunch high, Hanley Economic selects Berkeley Alexander as its general insurance provider, ASTL: Bridging applications leap to record levels in Q3. Previously she worked worked for the Daily Mail and Property Week. Source: Company websites, 18th May 2018. 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