Nigel Waterson, Chairman of the Equity Release Council, comments on the FCA’s decision not to proceed with a standalone equity release qualification – ‘a clear win for consumers’ 

“We welcome the FCA’s decision not to develop a standalone equity release qualification, which is a clear win for consumers. Different consumers have different needs, and advisers need a comprehensive knowledge of a range of potential solutions – including those available via the wider mortgage market – to provide well-rounded advice. 

“It is hugely encouraging that the FCA remains willing to consult and work constructively with the sector on a range of issues. Its decision to stick with the status quo on equity release qualifications does not prevent industry considering further progressive moves to join the dots between the equity release, residential mortgage, pensions and later life arenas.

“As our recent white paper¹ set out, consumers can increasingly benefit from a structured approach to financial planning in retirement that takes all their assets into account.”

– Ends – 

¹ ‘Equity release: rebooted’, published April 2017

About the Equity Release Council – www.equityreleasecouncil.com 

The Equity Release Council is the industry body for the equity release sector, which represents over 500 members including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.

It works to ensure a safe equity release market for consumers, by operating rigorous Standards for the provision of advice and products which guarantee security of tenure and financial protections. 2016 marked the 25th anniversary since the first industry Standards were created for equity release in 1991. Since then, nearly 370,000 people have taken out an equity release plan from a Council member, drawing on nearly £18bn of housing wealth.

The Council also works with consumers, industry and policy makers to improve awareness and understanding of equity release and the potential for housing wealth to help solve many of the financial challenges facing people over the age of 55 across the UK.