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Appendix B - NEW PRODUCTS: CERTIFICATE OF COMPLIANCE WITH THE PRODUCT STANDARDS - January 2017

APPENDIX B

EQUITY RELEASE COUNCIL RULES & GUIDANCE

NEW PRODUCTS: CERTIFICATE OF COMPLIANCE WITH THE PRODUCT STANDARDS

 

 

To: The Chairman, Equity Release Council       

 

Member:    [XYZ Company]

I confirm that [ABC] Equity Release product, due to be launched by [XYZ Company/XYZ’s subsidiary company CDE Company] shortly either:

 

(a) meets all the product standards set out in Rule 4.1 of The Council’s Rules; or

 

(b) differs from the product standards in the following respects (please give details below):

 

 

 

I confirm that where the product features differ from The Council’s product standards, this is stated prominently in all adviser-and consumer-facing literature, which states explicitly which standards are not met and illustrates the types of risks this poses to a borrower.

 

Signed: ………………........……...………..……………. Date ..................................................                                                                

 

PRINT NAME:……………..........................………………………..

 

 (Note:  This Certificate of Compliance is not required in respect of the following changes to an existing product:

  1. A change in loan-to-value ratios offered for each age,
  2. A change in the maximum loan amount offered, or
  3. A change in the range(s) of ages to which a particular plan is offered.
  4. A change to the interest rate at which plans are offered.     

 


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