The Equity Release Council has decided to suspend its proposed membership fee increase for 2023. This is an exceptional measure that recognises the significant headwinds facing the UK economy and the immediate challenges they present to businesses.
We are proud that our industry continues to grow and provides innovative products for consumers who wish to consider the option of equity release. We look forward to continuing to deliver significant value for our members and believe that the Council’s standards will remain essential in providing high levels of consumer protection and enabling consumers to trust that equity release is safe and reliable.
In addition, we continue to provide the direct support that our members require, such as media, regulatory and political representation; regular technical and regulatory reports; webinars with major stakeholders and an important destination for consumers who wish to find a Council member.
The Council continues to identify and respond to your needs, from the opportunity for members to receive discounted private indemnity insurance; or supporting our members to prepare for the Consumer Duty, where we will provide comprehensive guidance for providers and advisers to help address key considerations when developing a fair value framework and completing a fair value assessment.
Clearly, we cannot freeze our subscriptions for more than a year. Our members require the Council to not only provide great value but be strong and well-resourced on your behalf. But at this challenging time we feel it is right to share the broader cost burdens placed on our members.
On behalf of everyone at the Equity Release Council, I would like to thank you for your support. The Council exists to support you and the customers you serve.
Yours faithfully,
Jim
Jim Boyd
Chief Executive Officer
