The Equity Release Council has launched new guidance for advisers and providers to supports their requirements under the consumer understanding and support outcomes of the Financial Conduct Authority’s Consumer Duty.
The 17-page post completion communications guide has been developed by a Council working group comprising providers, funders, advisers and other industry professionals.
The guidance describes the various triggers for providers to communicate directly with customers. It outlines regulatory requirements before recommending additional steps to further enhance understanding and support good consumer outcomes.
Kelly Melville-Kelly, head of risk, policy and compliance at the Equity Release Council, said: “Equity release has traditionally been a long-term commitment, and while that remains true, the freedom and flexibilities of today’s products create more options for customers to consider over time.
“We have worked hard with members to look at how high standards of service can be continued long after the funds have first been released, considering changing circumstances such as the death of a spouse, enquiries about further advances or adding a new power of attorney.
“Equity release receives relatively few complaints¹ and only a handful are upheld. However, a significant portion of those complaints are from family members, which is why we’ve included recommendations on how to support them too.
“It’s important that communications evolve along with the products to help older people and their families make the most of the products to live independent lives for longer and pass on living inheritances.”
