How are over 55 equity release schemes regulated?
Over 55 equity release regulation: Industry
Over 55 equity release schemes are provided by well-known, major financial institutions, which are subject to industry regulated. If you’re unhappy with the service you receive, the Financial Ombudsman Service offers a free complaints service.
Over 55 equity release regulation: Advisers
All advisers recommending over 55 equity release schemes have to be suitably qualified, holding a London Institute of Banking and Finance Certificate in Regulated Equity Release (CeRER)or a Chartered Insurance Institute (CII ER), both FCA approved qualifications.
ERC code of conduct
In addition, advisers who voluntarily join the Equity Release Council, must abide by a strict code of conduct designed to protect equity release over 55 plan holders.
‘55Plus Equity Release explained everything in great detail, which was good because we’d never released equity before; our adviser didn’t hold anything back and explained it all really simply.’Don and Julia Coulthart, successful over 55 equity release scheme applicants, Chatham, Medway, Kent