Applications from Adviser firms are welcome subject to the following criteria.
Directly Authorised (DA)
In order to validate a firm membership, all suitably qualified individuals who are actively providing advice on equity release must join at the same time along with the firm's application, and this list of individuals should be regularly updated with new joiners and leavers. There will be application fees payable for each individual and firm application at the outset, and annual membership fees will be calculated on a matrix of headcount in each DA firm (see table below). All subscription and charges will be billed directly to the firm only for all aspects of the application. Should a DA subsequently become an Appointed Representative (AR) then the rules applicable for AR will apply (see below), and The Equity Release Council (The Council) reserves the right to cancel any membership that does not comply or satisfy with the requirements set out at that time.
Appointed Representative (AR)
Applications will only be accepted from ARs whose Principal firm is a member of The Equity Release Council (The Council). Where the Principal is confirmed as a member the application submitted from an AR will be subject to the same validation criteria as a DA.
Recognising the differing business models of the Network community the Council can discuss and agree the options for the most appropriate method of joining with each Network.
There will be application fees payable at the outset, and annual membership fees. All subscriptions and charges for ARs will be billed directly to the Principal firm and not the AR unless otherwise agreed.
It should be noted that any AR firm who subsequently becomes Directly Authorised (DA) should advise The Council accordingly. The Council reserves the right to cancel any membership associated with the Principal should the Principal resign its own membership or where any memberships do not comply or satisfy with the requirements set out at that time.
Any current member firms found to be an AR at point of renewal will be subject to the above criteria.
Please email us at: [email protected] for Principal joining options and fees
Clubs (other adviser groups)
Any club representing a group of advisers can become a member in the Associate category. The club members however would still need to join in the capacity of one of the above as DA or AR. Please email us for Club fees
Annual Membership Fee scale for 2018/19 financial adviser organisations:
*NB: An application fee of £70.00 would be required for each individual associated with the application
|Sole trader/Individual financial adviser||£303.00|
|2 to 9 financial advisers||£276.00 per adviser|
|10 to 24 financial advisers||£220.00 per adviser|
|Over 25+ financial advisers||£193.00 per adviser|
Please note: that financial adviser organisations applying for membership must complete and submit the application form which can be found on the menu to the right. All sections applicable for both the firm and each individual will need to be completed.
The current application fee which is £70 and the annual membership fee applicable, should be sent in two separate cheques. The application fee is non-refundable; the membership fee cheque will be held until the application process has been completed.
Cheques should be made payable to: The Equity Release Council
Applications will not be processed until full payment of both application and membership fees have been received. If an application is not approved, the membership fee will be returned.
Membership renewal fees are payable annually. The Equity Release Council reserves the right to change fee rates at point of renewal.
Completed applications should be submitted to:
Equity Release Council
The Old Rectory, Church Lane, Thornby, Northants, NN6 8SN
Please contact [email protected] regarding any queries about membership applications or fees.