Equity release council

Set up in 1991, the Equity Release Council is an independent organisation focused on protecting the rights of equity release customers in the UK. It champions honesty and fair treatment, as well as driving healthy competition and innovation in the market. The result is greater choice and flexibility for those considering equity release, with the added reassurance that their best interests are protected.

The Council informs people about equity release, and ensures their rights are safeguarded through a set of standards and customer charter. These apply to the products themselves, and the support offered to customers.

Taking out equity release means getting financial advice, and the Equity Release Council can help here too. On their website, you can connect with an adviser who follows the Council’s rules. This means you can trust that you won’t be encouraged to choose a product that isn’t right for you.

Advisers, solicitors and providers can all become members. Organisations with an interest in the UK equity release market can also join as associates and affiliates, but most customers won’t deal with them directly.

Aviva are a member of the Council as an equity release provider, and we’re committed to upholding the same high standards for our customers.

You can view the Equity Release Council standards on their website. Their purpose is to make sure customers can take out a product knowing it’s safe and reliable, and that their rights as homeowners are protected.

Equity Release Council members can only tell you a product meets these standards if it meets all of them. Otherwise, they’ll need to tell you where and why they aren’t met and explain what the risks are.

All Aviva Equity Release Lifetime Mortgage products meet the Equity Release Council Standards.

Replacing the previous principles, the Consumer Charter outlines what customers can expect when dealing with Council members. It promises:

• Trusted – You will work with qualified, regulated professionals who act in your best interests and follow industry standards.
• Tailored – Recommendations are clear, transparent, and based on your personal goals and financial situation, with ongoing support after completion.
• Thorough – Professionals will answer your questions, guide you through the process, and help you consider your family and future plans.
• Transparent – All advice, product details, fees, and impacts will be clearly explained at every stage, so you can make informed decisions.

The full customer charter can be found on the Equity Release Council website.

As a minimum, Council members must maintain the Equity Release Council standards and the customer charter. This means:

• matching people with the best products and services for them, both in terms of their needs and budget
• providing additional support to people in vulnerable situations
• ensuring customers can live in their own home for as long as they want, or move to another suitable property if they wish
• making sure customers understand their rights and responsibilities throughout the life of the product.

You can contact the Equity Release Council by calling 0300 012 0239 or visiting their website https://www.equityreleasecouncil.com/

Here you’ll find full details of the updated standards and charter, access to independent advice, and a list of member organisations.