The Equity Release Council is the industry body for the UK equity release sector, representing the providers, qualified financial advisers, solicitors, and intermediaries. Membership represents the interests of 90% of the Equity Release sector. All members have agreed to abide by the Council rules and have signed up to the Statement of Principles.
Bower has been a member of The Equity Release Council since it was launched, and proactivity supports the work of the Council in providing safeguards and setting standards in the equity release sector for consumers.
To help protect consumers, the Council sets certain standards and insists on a code of conduct for both providers and advisers to abide by. The lenders also have to provide certain safeguards to give you peace of mind.
As members of the Council, we abide by the safeguards and code of conduct they have in place for advisers, which means we conform to the best practices within the sector.
Find out more about how we work with the Equity Release Council on their website.
Our Equity Release Council experience
As well as being one of the first advisory companies to join the Equity Release Council as a member, Bower has also further strengthened their commitment to their principles and safeguards.
Geoff Charles, our CEO, has been appointed to the Equity Release Council Standards Board. Geoff will represent the larger advisor companies within the industry, drawing upon over 16 years of experience with Bower in prioritizing consumer safety and ethical advice. Geoff is passionate about maintaining high standards for customer outcomes, protecting vulnerable customers, and providing high quality service and advice.
Andrea Rozario, our CCO, was the first Director of the Equity Release Council. Before joining Bower, Andrea was Director General of the Equity Release Council for over five years. Andrea’s appointment in 2014 strengthens Bower’s commitment to the principles and safeguards of the Council. Andrea continues to be a consumer champion and a voice in our industry, regularly publishing articles in the media.
Equity Release Council Safeguards
If you’ve read all the information about equity release, you may feel quite clued up on it. But just in case you’re feeling a little unsure, you really don’t need to be. And this is why.
The industry body, the Equity Release Council, sets standards and safeguards that serve to protect your financial future. You can read more about the Equity Release Council below.
And to add another layer of accountability, all our advisers at Bower are specialists in retirement lending. They have undergone intensive training in equity release planning and are specifically qualified in this field. They have all been chosen for their expertise and extensive experience in the industry, in addition to passing our own tough suitability and training process.
Statement of Principles (formerly Code of Conduct)
All Equity Release Council members have to abide by a set of principles to ensure the highest standards of conduct when giving equity release advice.
These principles demand that:
- Members will exercise due skill, care and diligence in all that they do and uphold the standards set out by their professional bodies at all times
- Members must always act with the best interests of their clients being paramount, treating customers fairly in all their actions.
- Members have to comply with the Financial Conduct Authority’s (FCA’s) rules governing the sale of equity release products, including the requirement that all customers who buy equity release plans are fully advised by a qualified adviser.
Read the full list of principles on the Equity Release Council’s website.
Equity Release Council guarantees
These guarantees work for your best interests and include the following promises:
- No Negative Equity Guarantee — you or your family will never owe more than the value of your home
- You will not lose your home and can remain there for as long as you wish providing it remains your main residence
- For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan
- You can move to another suitable property subject to the new property being acceptable to your product provider
- You will receive independent legal advice from a solicitor of your choice
At Bower, we will understand your unique circumstances and advise you to ensure you are receiving the best plan to meet your objectives. There are plans that allow you to make voluntary repayments and move home, subject to lender criteria. However, early repayment charges may apply in certain circumstances.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding.
Bower Home Finance provides independent, impartial whole of market advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,495 be payable.
If you are considering equity release, we strongly recommend that you read our equity release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0800 411 8668, request a call back, email us, or join our live chat you’ll find on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.
