SHIP RELAUNCHES AS THE EQUITY RELEASE COUNCIL

New Members to Build Additional Code of Conduct and Logo to Become Quality Mark

SHIP has expanded its membership to include intermediaries, lawyers, surveyors and other interested parties and relaunched as The Equity Release Council (The Council).

New Members:
For the first time in the sector’s history, all aspects of equity release advice and product provision will be covered by one body committed to the highest standards of consumer protection and education.    The Council already has commitment from many of the most influential organisations in the equity release arena to become members and currently has a waiting list of 30 organisations.

Expanded Safe-guards:
As part of this launch and in addition to the SHIP Guarantee which The Council intends to adopt, a new industry code of conduct will be developed which will cover these new members.  This new safe-guard will be developed with the help of the expanded membership over the coming months and it is envisaged that The Council logo will become a quality mark which members can display to denote standards of advice and product provision.

Education at the Core of The Council:
The main remit of the new organisation will be to protect consumers and increase education, awareness and understanding of how equity release works and the safeguards in place for consumers.   This will be at the core of what The Council does as only by achieving greater understanding will the market expand and prosper.

Increased Accessibility:
One barrier to market growth that research has identified in the past is that some consumers are unsure of how equity release works and how to access it.    To combat this, The Council is launching a new website (www.equityreleasecouncil.com) which will not only provide generic information on the products and potential uses of equity release but also a directory of members that consumers can approach for advice or guidance.

Management Structure:
The Equity Release Council will be headed by the Chair (Nigel Waterson) who will oversee the direction of the organisation and the Director General (Andrea Rozario) who will take responsibility for the day-to-day running of the Council.  

Consumer safeguards are at the heart of the organisation’s development and the newly-formed Standards Board (headed by Chris Pond) will determine and maintain the principles the Council members must adhere to.  This will be done via The Council’s Technical Committees, who will be responsible for engaging with members to help the industry work as one to further improvements in the customer journey, whilst facilitating a positive environment for all those who work in the industry.

Nigel Waterson, Chairman of The Equity Release Council, comments:

“This is a really significant day for thousands of older people in the UK.  After an extensive engagement process, equity release now has a trade body which represents the entire sector – The Equity Release Council.   This is excellent news for the industry as by working together we can ensure that Government and potential customers understand the benefits that equity release can provide.”

Andrea Rozario, Director General of The Equity Release Council, continues:

A tremendous amount of work has gone into the design of the structure for the new Equity Release Council and after many months of discussions with stakeholders across the industry we are now excited and very confident that this leap forward is most definitely the right thing to do and at precisely the correct time.

We are all aware of the huge pent up demand for equity release but we need to work together to help consumers access their housing wealth as safely and as easily as possible. The new website will offer one port of call for all customers making it easy for them to get access to unbiased information and find advisers, solicitors, surveyors and providers who are all committed to the best possible outcome for the customer.

Chris Pond, Chair of the Equity Release Council’s Standards Board, comments:

“Equity release could help many people meet their needs in retirement – a better quality of life, meeting the costs of long-term care, giving a helping hand to a younger generation or just clearing debts.  But the market for equity release can only grow if the public and policymakers have confidence that the highest standards of consumer protection will be maintained. 

“That’s why it’s important that all those engaged in equity release sign up to a code of conduct that meets consumer needs.  The Equity Release Council will fulfil a vital role in building on the work of SHIP by extending that commitment throughout the industry”.