The Standards Board exists to ensure that equity release products are safe and reliable for consumers. It sets the Statement of Principles, standards and principles for members of the Equity Release Council. Through these standards, members are able to guarantee their customers that they offer products and services which conform to the best practices of the sector, ensuring customers are fully informed and properly protected.
The Chair of the Standards Board, Chris Pond, is tasked with ensuring that the Equity Release Council is constantly driving up standards within the sector and sharing best practice and innovation so that people who use products and services from Equity Release Council members can feel confident in their choice. The Board has three independent members and one representative from each of the provider, adviser, solicitor and surveyor membership.
"Allowing people to access some of the savings built up in the value of their homes could help fill the increasing gap in retirement incomes and long-term care costs, but people must have confidence that they will be treated fairly if they consider this option, which is why the maintenance of the highest standards of consumer protection is so essential. The Equity Release Council and its Standards Board bring together the wider equity release sector in a shared objective of providing a safe mechanism for equity release to a much larger group of people".