The Importance of Regulation to Protect You
Understanding the role of the Equity Release Council and the Financial Conduct Authority (FCA) in Later Life Lending regulation and guidance is crucial. Both bodies play an important role in ensuring Consumer protection when seeking advice on your Later Life Lending options.
Advice To Discuss Your Options
When seeking advice for Later Life Lending, it is essential to consult with a qualified and experienced Advisor.
Look for Advisors who specialise in Later Life Lending and are members of recognised bodies like the Equity Release Council.These advisors can provide tailored advice, considering your financial circumstances and long-term needs.
They can guide you through the complexities of different lending products and help you understand the implications of Equity Release and other lending options on your estate and long-term financial health.
The Equity Release Council
The Equity Release Council (ERC) plays a pivotal role in the later life lending market and Consumer Protection. As a governing body, it sets standards and safeguards for Equity Release, Retirement Interest Only (RIO) and Residential Mortgage products for over 50s to protect consumers.
These standards ensure that all Equity Release plans come with essential protections, like the ‘no negative equity guarantee’, ensuring borrowers will never owe more than the value of their home.
The ERC’s regulations and guidelines ensure fair, transparent, and ethical practices in the industry, providing peace of mind for consumers.