SHIP (Safe Home Income Plans) will relaunch itself as The Equity Release Council and expand membership applications to include equity release advisers, solicitors, surveyors and any other relevant organisations.
From now on, all areas regarding equity release advice & products made available to the general public will be covered by this new body. This will aim to ensure consumers are fully protected & aware of equity release mortgages & what they are entering into.
There will be a new Equity Release Council website that will front the trade body whereby consumers will be able to identify equity release advisers, the providers, equity release solicitors & other organisations that will abide by their standards.
Headed by new appointed chairman Nigel Waterson, the Equity Release Council will help oversee the new direction of the Council. Andrea Rosario’s role moving forward will be involvement in the more daily aspects of the organisation.
Additional appointments will be Chris Pond who will head the Board & determine & fulfil the rules that members must abide by. A technical committee will work with all members of the Equity Release Council to assist with moving the equity release market forward & make improvements along the way. This aims to create a more positive attitude towards equity release schemes in general for advisers & alike.
Commenting on the newly formed organisation Nigel Waterson said – “This is a really significant day for thousands of older people in the UK. After an extensive engagement process, equity release schemes now have a trade body which represents the entire sector – The Equity Release Council."
“This is excellent news for the industry as by working together we can ensure that government and potential customers understand the benefits that equity release can provide.”
Andrea Rozario also commenting – “With equity in people’s homes likely to be at the heart of many people’s retirement planning now and in the future, it is vital the equity release industry, adapts to meet consumer needs.
Ms Rozario also added – “The launch of the Equity Release Council provides us with an excellent opportunity not only to make equity release products easier to access for customers but to encourage more product development to meet UK consumers’ changing retirement needs.”
Chris Pond’s comments followed – “Equity release could help many people meet their needs in retirement & a better quality of life, meeting the costs of long-term care, giving a helping hand to a younger generation or just clearing debts. But the market for equity release can only grow if the public and policymakers have confidence that the highest standards of consumer protection will be maintained.
“That’s why it’s important that all those engaged in equity release sign up to a code of conduct that meets consumer needs. The Equity Release Council will fulfil a vital role in building on the work of SHIP by extending that commitment throughout the industry.”
These changes and strengthening of the equity release market, further underlines the commitment of this lifetime mortgage industry to helping the over 55’s fulfil their retirement years with financial peace of mind.
Equity Release Supermarket also underlines their commitment by supporting such movements in the development of greater understanding of equity release plans. Thus, if you have any questions on these equity release matters please call us on 0800 678 5159 or email email@example.com.