equity release council code of conduct

The Equity Release Council Code of Conduct. 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. 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 … We are members of the Equity Release council and adhere to their strict code of conduct. This ensures that clients are fully informed in their decisions and protected. 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. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. Award winning equity release specialists. 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. 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. The client’s legal work will always be performed by the solicitor of their choice. Affiliates. A major focus of the Equity Release Council's work is to ensure that products are safe and accessible for consumers. 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. Equity Release Swansea. A major focus of the Equity Release Council’s work is to ensure that products are safe and accessible for consumers. 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. 1. Their code of conduct states that: You must receive financial and legal advice; All products must have a ‘no negative equity guarantee’ It provides strict regulations which must be adhered to by all members. This means that regardless of what happens in the housing market, there will never be more owed than the value of the property. For free initial advice call: 01202 416856 or 07862 708429 . The solicitor will be required to sign a certificate to the effect that the scheme has been explained to the client. Members of the Equity Release Council have to abide by a Code of Conduct that guarantees that our ethics and standards. 3. The Equity Release Council is a trade body especially established for the equity release industry. The Equity Release Council. Equity Release Council. 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. Solicitors. The members, including lenders, who sign up to the Council, agree to abide by its code of conduct. Provides practical support and guidance to help you and your family through a difficult time. To provide customers with fair, simple and complete presentations of their plans. This Safe Home Income Plans Standards Board now exists to ensure that consumers are safe and protected with reliable equity release products. All plans carry a ‘no negative equity’ guarantee, which means that you will never owe more than the value of your home. This Code of Conduct puts in place safeguards for consumers to ensure that they can have confidence in Equity Release Council members and … 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. 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 … 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 Council code of conduct. 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. 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. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. The equity release code of conduct. 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. As a member of the Equity Release Council, Doug is happy to be bound by their Code of Conduct . ERC members are regulated by the Financial Services Authority (FSA) and are required to follow a strict procedure for dealing with complaints. He is completely independent and has access to the whole market. 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. It was developed as an expansion of the Safe Home Income Plans (SHIP) guidelines and aims to provide consumer protection by representing providers… Safe Equity Release since 1991. This means that people who use equity release products offered by Equity Release … 5. 1. The current Chairman is Nigel Waterson. 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. 3. Responsible LifeUnits 11-21, 4A Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Advisers. All Rights Reserved. Do I have the freedom to move to suitable alternative property without financial penalties? There is also a trade body called the Equity Release Council, (formerly known as SHIP-Safe Home Income Plans) running alongside the regulator. 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. Equity Release Council Code Of Conduct: (Reproduced with kind permission from Andrea Rozario, Director General of Equity Release Council). 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. Their aims and objectives for protecting the consumer and facilitating informed decisions was the primary inspiration behind the establishment of the ERC. Equity Release Council is a consumer trade body - Equity Release Bournemouth. Members display the Equity Release Council’s logo on their literature as a guarantee to their customers that they observe the code of practice. What is the ERC’s Code of Conduct? File size: 2 MB | Type: pptx | Resources. Members of the ERC agree to provide a fair, simple and complete presentation of their plans. 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. The Equity Release Council Code of Conduct. A: Today’s equity release market is regulated by the Financial Conduct Authority (FCA). About Us. The Equity Release Council was founded in 1991 to protect customers from malpractice. Will I receive either a cash sum or regular income payments? 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. Financial Conduct Authority. If you are considering releasing equity from your home, you should ask yourself three key questions: 1. 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 Equity Release Council – The Industry Code of Conduct Who are The Equity Release Council? What are the benefits of dealing with a ERC member? 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. 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 … Ombudsman Service in all things Equity release-related their Code of Conduct that guarantees our ethics and standards right. Paid off your mortgage to do this – the industry body for the Equity Release Council Code of Conduct contract. Loans are at better rates than normally available have agreed to abide its! 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