Standards V10 Q&A hosted by Air Club

The Equity Release Council is launching the next iteration of its Standards. V10 will take effect at 00:01hrs on Monday March 28.

One of the key updates in the new Standards is a fifth Product Standard: All customers taking out new plans which meet the Equity Release Council standards must have the right to make penalty free payments, subject to lending criteria.

Other changes being implemented at that point include: a requirement for a fair value assessment; additional guidance around drawdown and legal advice; additional guidance on second charges; and an update to the Checklist for Advisers.

However, one of the most noticeable changes is that the Standards have been split into two sections. Part A includes the principles, customer outcomes and rules that must be followed by members of the Council. The document is in the public domain and available to consumers and policy makers. A second document, part B, provides guidance and good practice examples to support members. Part B is restricted to members only.

This webinar is aimed at supporting members to adopt the changes and it part of a suite of resources available at the following link