Overarching Principles
Our members will comply with all statutory regulation. In addition, members will agree to comply with the Council’s principles, required consumer outcomes and rules. Our overarching principles are:
- Members will ensure that all their actions promote public confidence in equity release.
- Members will act at all times to deliver good outcomes for retail customers.
- Members will ensure conflicts of interest are identified swiftly and managed fairly.
- Members will seek to deliver suitable outcomes for customers from initial sale through every point of contact during the life of the product.
Required Customer Outcomes
Our members will provide information, advice, and professional services that are clear, transparent and impartial. The five required customer outcomes are as follows:
- Members will offer customers the products and services that suit their needs best and which offer fair value.
- The amount charged by a member for a product/service should reflect the benefits customers expect and communicated in a manner customers can understand.
- Members will seek to identify and provide appropriate support to customers who may be exposed to physical, mental and financial vulnerability at any point of contact.
- Members will do their best to make sure that customers understand their rights and responsibilities at every point of contact.
- Customers will be confident that they will be able to live in their own property for as long as they wish, or move to a suitable alternative property, as long as they abide by the terms and conditions of their contract.