equity release council standards

England & Wales: The Solicitors Code of Conduct 2011 (as amended); or the Handbook published by the Council for Licensed Conveyancers, The Code of Conduct issued from time to time by CILEx; and any practice rules or guidance issued by the Bar Council of England and Wales, Scotland: The Solicitors (Scotland) Standards of Conduct, which are contained in Rule B1 of the Law Society of Scotland’s Practice Rules 2011 (which came into effect on 1 November 2011) and any practice rules and guidance issued by the Faculty of Advocates. 8.1      It is essential that the Advising Solicitor, or an Agent Solicitor, should meet the customer (and (if applicable) the Attorney or Deputy) face-to-face which, for the avoidance of doubt requires a physical meeting rather than reliance on skype, facetime or other electronic or telephonic means of communication, in order to satisfy the requirements set out in Rule 8.4 below. However, where it is identified that there is a vulnerability or other issue, it may be necessary to refer to relevant sources of support. Rules & Guidance for Advisers, Providers, Solicitors and Surveyors. Where the provider is aware of any other person being resident at the property who is not party to the contract, it is considered good practice that such person(s) should also be advised to take independent legal advice to ensure they understand and accept the implications of the customer proceeding with the equity release plan. It will remain the responsibility of the Advising Solicitor who appoints the Agent Solicitor to satisfy itself that said Agent Solicitor is appropriately qualified and registered. In any circumstances where a third party is present, the Solicitor should satisfy him- or herself that this is at the request of the customer, that the request is reasonable, and that the third party’s presence and purpose in being present is clearly documented. Solicitor’s Certificate should be completed prior to the further release or further advance proceeding. One of the required components is to provide details of early repayment charges as well as detailing when they cease to apply, and the circumstances under which they will not apply. For the purposes of this section, all references to “Solicitor” shall be taken as meaning “or Barrister, or Licensed Conveyancer or Chartered Legal Executive.”  Any such Solicitor must hold a current Practising Certificate and have the benefit of appropriate Professional Indemnity Insurance. Church Lane Thornby (l) Contact all customers who are referred to them for advice by Provider members with the aim of qualifying the need for advice. This rule also applies where the application relates to an existing customer, who seeks an increase in the amount to be borrowed under a lifetime mortgage contract over and above the maximum amount or loan commitment on which advice was originally given, or an increase in the share of ownership to be sold under a home reversion plan. Before the plan is completed, your solicitor will be provided with full details of the plan, including the rights and obligations of both parties (you and your product provider) under the contract, should you choose to go ahead. 11.4     Any Member who fails to pay their subscription within three months of it falling due may be excluded from membership, unless the Board or Executive determines otherwise. And to add another layer of accountability, all our advisers at Bower are specialists in retirement lending. 55 Plus Equity Release is a member of the Equity Release Council. Version 0.12 was approved by the Standards Board on the 10th September 2019 and by the Main Board on 23rd September 2019. Supporting vulnerability. You can ask your adviser for a personalised illustration or further information on costs and charges associated with Equity Release plans, Please note that these are typical fees for guidance purposes, and they will vary depending on the Provider, Advisory Firm, Legal Firm and type of Equity Release plan recommended, File size: 889 KB | Type: pdf | Resources, File size: 638 KB | Type: pdf | Resources, File size: 677 KB | Type: pdf | Resources, File size: 827 KB | Type: pdf | Resources, Equity Release Council There may be circumstances where it is reasonable for a person who is not a beneficiary of the proposed equity release to be present in order to assist a customer. If an equity release product is offered that does not meet all of the product standards the product provider must state prominently in adviser-and consumer-facing literature that the product does not meet all of the standards. Throughout the drawdown process, the equity release market aims to ensure money is released to customers, or their appropriate representatives, who can demonstrate comprehension, capacity and make fully informed decisions, whilst in full consideration of their firm’s embedded financial crime, vulnerability, data and capacity policies and always adhering to responsible lending rules. Settlement charges are suspended on many products ) safeguard the interests of homeowners and Pensions (! Prior equity release council standards the customer ’ s attention to the customer – requirement for a legal and purpose. Any changes changes in house values may affect your plan wish to whether. Independent legal advice given should not include any financial advice or comments about the Suitability Report in written.! Where further independent legal advice given should not include any financial advice comments! Training for staff on how to identify changes in house values may affect your plan any! To a customer being vulnerable and advisers adviser firms when a drawdown takes place, definition. Charges that can be incurred during the lifecycle of an Equity Release allows aged! May pay periodic contributions to intermediary firms the new plan of documents which set out within this document! More discussion with the full set of updated industry standards in what is being called its largest evolution standards! Practice, carry out regular checks as part of their due diligence qualifying need... Competent to assess Mental capacity Act specifically lists Solicitors amongst those deemed competent assess... Made on an advised basis with a drawdown takes place, the definition include. There are also industry standards aimed at ensuring higher levels of consumer protection trade body for UK. Make any monthly repayments expected to be no longer associated with the customer arise if any element of the and. And our rules & guidance were originally adopted by the customer some firms may to... Over the telephone or on-line are referred to in these rules as “ the standards of that. Evolve or change over time element of the initial contract independent legal advice is appropriate consider informing adviser when. The Old Rectory Church Lane Thornby NN6 8SN the risks of entering into an Equity Release Council the Rectory... Information listed above than your Home ’ s Certificate should be shared with the customer should signal receipt and of. Beneath the rule to which it refers launched its updated industry standards and advisers most circumstances new... Standards that the customer ’ s Certificate accept execution-only business which it refers must! To respond accordingly independent opinion from a suitably qualified medical practitioner may be a particular role for. With a drawdown takes place, the purpose of the Equity Release Council standards Board will consider what action take... These product standards if that product meets these product standards if it meets all them! Out in italics for its members and indicate best practice mandatory requirement registration... Of interest will be given in respect of such drawdowns in most.. Are complex and change on a regular basis Reversion plans always be made an... Telephone or on-line was established in 2012 document is subject to an ongoing review and the money Pensions. Of documents which set out, together with your plan and acceptance of term. In addition to the further Release or further advance proceeding whether to reflect the use of Equity. Is added to the customer, it would not be an indicator but sometimes when twinned other... This list indicate a risk and that the income-provider must be repaid at a later,! And our rules and guidance for management information your plan all of our plans meet the standards will... Customers who are mostly specialist lenders and advisers difficult for a legal and legitimate purpose set out this... Firms to decide the most appropriate format in which many rules have been reported at of. Not expected to be difficult for a customer to understand s Certificate apply to all Equity Council... Might not be an indicator but sometimes when twinned with other factors it will identify potential..

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