Media
The Council shared its views with the media on a variety of topics affecting the sector, including standards and innovation, qualifications, the growth of the market, the Pensions Advice Allowance, and DWP’s latest findings on trends in pensioners’ incomes.
Members’ views on a variety of issues were collected in the first member survey since 2013.
Across the quarter The Council featured in:
- 82 press articles in April, including nine articles in national titles, leading to the highest monthly volume of coverage since April 2016. The most significant source of coverage was the Q1 2017 lending figures, which received 23 pieces of coverage in total. The white paper received eight pieces of coverage during April, including Mail Online / This is Money and The i.
- 78 press articles in May, including eight articles in national titles. The white paper continued to gain coverage in national and trade publications, and Sara Yates covered it in a positive piece in the Evening Standard. The Council also appeared in opinion pieces in New Model Adviser and on City AM’s website.
- 43 press articles in June, including six in national titles. Sam Meadows used commentary and market figures in an article on The Telegraph’s website, and The Council was also referenced on BBC Radio 4’s Moneybox as well as in advertorials in The Daily Mail and Daily Telegraph.
Public Affairs
Parliamentary briefing event
Julian Knight MP hosted a parliamentary briefing event at the end of April to launch the Equity Release Council’s white paper, Equity release rebooted: the future of housing equity as retirement income. A summary of the event can be found here.
Policy development
The Financial Guidance and Claims Bill – which will merge The Pensions Advisory Service, The Money Advice Service and Pension Wise into a new Single Financial Guidance Body – was introduced to the House of Lords on 22June, with a second reading on 5 July.
The Council sent a briefing to several supportive peers ahead of the second reading, including Labour spokesperson Lord McKenzie and Liberal Democrat spokesperson Baroness Bakewell, outlining the Council’s opinion that the new guidance body should include guidance on housing wealth under its pensions guidance function.
Consultations
- In May, the Financial Conduct Authority published the outcome of its consultation that there was no demonstrable market need for a standalone equity release qualification. The Council welcomed this announcement as well as the continued willingness of the FCA to engage constructively with the industry.
- The FCA also published its Mission and Business Plan in April, stating it would examine policies around vulnerable consumers and consider the issue of long-term savings and retirement outcomes, as part of its work over the coming year.
- Prior to the election, we submitted a response to the Communities and Local Government Select Committee’s inquiry into housing for older people, about considering the housing needs of older people who wish to remain in the family home. Adaptations could be facilitated by equity release. The inquiry was concluded due to the general election but may be resumed.
- The Council is currently working up a response to the FCA consultation on changes to its handbook to reflect the application of the EU Benchmarks Regulation, including one amendment for any mortgage provider offering products linked to a benchmark rate and one on disclosing conditions related to early repayment.
Stakeholder engagement
Following recent ministerial appointments, the Council has requested meetings with relevant ministerial appointees, as well as the new chair of the Treasury Select Committee to discuss the EU Insurance Regulation inquiry.
