The Equity Release Solicitors Alliance (ERSA) and the seven individual member firms have announced their admission to the Equity Release Council.
The ERSA brand will remain and it will continue to promote the importance of specialist legal advice in this market.
However, as an advocate of the equity release industry it aims to make a “strong contribution” to the work of the wider umbrella of the Equity Release Council.
In May the Equity Release Council announced it was looking to widen its remit to represent all interested parties across the equity release spectrum including advisers, providers, solicitors, and surveyors. As a result, Claire Barker, chairman of Equity Release Solicitors’ Alliance and managing partner of Equilaw, and Peter Barton, partner at Ashfords Solicitors have now joined a working group to set up anti-fraud measures in the industry. To this end they recently presented a paper for best practice for solicitors when dealing with equity release cases.
“We are excited to be part of the expansion of the trade body and are looking forward to working with the Equity Release Council to expand awareness of equity release and to promote the highest possible standards and client care,” said Barker.
“There are relatively few solicitors within England and Wales with the necessary knowledge and practical expertise to deal with equity release in a truly impartial and authoritative way. ERSA remains committed to providing and promoting specialist legal advice, and to helping grow the equity release market.”