Document Type: Resources

Deloitte has provided detailed answers to members’ questions on the closed book element of the consumer duty. The questions were posed during a recent webinar on the same topic. Members can view the webinar and additional closed book guidance that was first published by the Council in April, via the corresponding links. Our thanks go to Deloitte for collaborating on these initiatives.

The Council has launched a key member resource designed to support firms with the continued implementation of Consumer Duty rules and guidance.

The 31 page guide is aimed principally at manufacturers and distributors, but should be useful background reading for all firms involved in our market. We will be hosting a webinar on Wednesday, 17 April at 09.30 am. To register, please click here.

This will be a chance to hear directly from our members Deloitte, who will look at the key areas highlighted in the guide and provide invaluable insights on navigating the requirements set by the FCA.

We encourage all members to take advantage of this resource and participate in the upcoming webinar to help to ensure a seamless transition towards compliance with the Consumer Duty.

Embargoed to 00.01hrs – Wednesday 18 October 2023

Equity Release Council: Autumn Market Report 2023 press release

The Council has published its analysis on the Financial Ombudsman Service’s complaints data.

The data shows there were three upheld complaints in Q1 that were found to concern equity release, up from one in Q2 2022.

However, the sector continues to perform well when compared with the number of upheld residential mortgage complaints.

The Government published its Powering Up Britain paper on March 30, 2023.  The full document is available here but the Council has prepared the following briefing that is focused on the areas that are most relevant to the equity release sector.

The Equity Release Council has commissioned an independent report entitled Later Life Lending: Great Expectations by Jon Dunckley, director of About Consulting Group.

It explores the UK’s later life lending market in context of the c£28bn of annual mortgage lending to consumers over the age of 55.

It  was commissioned to help set out a route map for all market participants – including government, regulators and industry – to better support our ageing population.

The two-page paper below sets out the Council’s position re the report.

The Council has produced three new assets to support advisers and their clients when discussing early repayment charges (ERCs).

This document helps consumers understand how variable or gilt linked early repayment charges are calculated.

It is accompanied by the document Client factsheet – Lifetime mortgage early repayment charges.

A third document Adviser factsheet -Lifetime mortgage early repayment charges is available to advisers.

Borrowers should always get advice from an adviser.

The Council has produced three assets to support advisers and their clients when discussing early repayment charges (ERCs).

1. Calculating variable early repayments charges
2. Client factsheet – Lifetime mortgage early repayment charges

The documents are available to download at the above links. The two factsheets above are designed to be left with clients only after they have received an explanation from an adviser.

This factsheet is for adviser use only.

The Council has produced three new assets to support advisers and their clients when discussing early repayment charges (ERCs).

This document helps consumers understand variable or gilt linked early repayment charges

It is accompanied by the document Calculating variable early repayments charges which helps consumers understand for gilt linked or variable ERCs are calculated.

A third document Adviser factsheet -Lifetime mortgage early repayment charges is available to advisers.

Borrowers should always get advice from an adviser.

Fees and charges involved with a lifetime mortgage

The Council has published a new technical bulletin on state benefits and equity release. The bulletin includes answers to the questions members asked during a webinar on the same topic.

The Council has published a new technical bulletin on wills and trusts. The bulletin includes consultant solicitor Malcolm Emery’s answers to the questions members asked during a webinar on the same topic. Click here to watch the webinar on demand.

The Council has published a technical bulletin with due diligence guidance for advisers working with introducers and lead generators.

Consultant solicitor Malcolm Emery answers questions members submitted during a webinar on Lasting Powers of Attorney (LPA)

Private wealth consultant solicitor, Malcolm Emery from Legal Studio on Lasting Powers of Attorney.

Today’s homebuyers could end up £326,000 wealthier over a 30-year period than people who rent, without even considering potential house price growth, according to a new report by the Equity Release Council.

The report – Home advantage: intergenerational perspectives on property wealth in later life – examines 10 trends that have altered the financial landscape for pensions and homeownership over the past three decades.

It highlights how the benefits of homeownership are set to become even more critical to people’s financial security and wellbeing in later life, but also warns of lifelong inequality for those who are unable to get onto the property ladder.

Download the PDF for the full story

For guidance on how your listing will be presented, please see guidance here.

Solving the social care funding crisis: perspectives on the contribution of property wealth was supported by Pure Retirement and My Care Consultant.

This document is designed to give professional financial advisers information and tools that they can use to help control and develop their business. It is not intended for customer use and should not be relied upon by any other persons.

Equity Release Council members and the wider sector are being encouraged to take part in the Government’s £2bn Kickstart work-placement scheme, after a gateway training provider offered to submit a collective bid.

The Kickstart scheme supports people aged 16 to 24 into work by covering their wages for six months and paying an employers’ grant, to help provide them life skills and market training.

A webinar, which is available here, gives details about the scheme. It featured: Donna Bathgate, Equity Release Council chief operating officer; Jackie Denyer, Professional Training Solutions managing director; and Chrissy Payne, Professional Training Solutions associate director.

This is the presentation from that webinar.

Effects of Pension Credit changes on mixed ages couples taking out Equity Release.

Gareth Morgan
Ferret Information Systems
June 2019

Equity Release Council – Complaints and Disciplinary Process

To request for an event to be added to the Council’s website, please complete this template and return it to [email protected] along with your supporting image.

ERC Full Colour RGB Logo DIGITAL JPG
September 2017

ERC Logo CMYK-full_colour Print
September 2017

Download the CPWG Case study research and best practice tips. Covering: Duress, Fraud/Theft, Abuse of Power and Drawdown

Marketing Templates by Aviva

Porting Process – example document by Pure Retirement

Toolkit providing resources on referrals

ER Council – Information request form for website entry

ER Council – 21st AGM – 23rd Apr 2015 – Nomination of Directors Form

Nominations Form – Standards Board

Annual Certificate of Compliance for all members – Approved Nov 2014

Competition compliance guidance v2-17th September 2014