Equity release industry provides adviser support

The framework, sponsored by Pure Retirement, is designed to support advisers interested in, or currently, providing advice to clients in response to growing consumer demand.

The start of 2016 witnessed a record first quarter for the sector with £393.9m lent – the highest Q1 value recorded and a 21% jump from the same time a year before. The figures followed a busy end to 2015 when activity grew 21% in the second half of the year compared with H2 2014.

An additional toolkit for advisers is also available exclusively to members of The Council, providing a collection of supporting materials including example suitability reports, templates and forms.

Nigel Waterson, Chairman of the Equity Release Council, commented: “Equity release is receiving increased recognition from consumers, regulators and politicians as the realisation spreads that housing wealth can play a greater role in people’s financial planning for later life.

“It is our hope that the ‘Adviser Guide to Equity Release’ will give budding advisers who have taken note of the changing landscape the confidence to build up their knowledge and understanding of equity release in order to eventually gain qualifications in this area if they haven’t already done so and progress to giving advice. This in turn will benefit consumers as it will provide more people with access to professional financial advice when they are looking to consider how to access their housing equity."

Paul Carter, Chief Executive of Pure Retirement, commented: “Growth in our market can only be supported if we broaden the adviser base. As we see increased innovation with products that straddle the standard mortgage market together with advice that can also cover the pensions market – following the pension reforms of 2015 – the need for wider adviser engagement grows.

“Traditionally there has been a reticence for generalist IFAs and mortgage brokers to engage in our market, yet my experience has shown that once you help advisers understand how to work within our market and the benefit it offers their clients they are only too willing to engage. This guide is just one approach to helping those advisers engage and work professionally and compliantly in a market that will continue to grow for many years to come.”