Smart Money People, the UK’s most comprehensive customer review site for financial products and services, has joined the Equity Release Council (the Council) as its newest member, marking a significant milestone for the company.

With over two million reviews shared to date, Smart Money People’s platform empowers consumers to make smarter financial decisions and provides financial services companies with in-depth insight into what customers think and need.

To foster the continued development of a dynamic, safe, and sophisticated equity release market, the Council focuses its efforts on establishing best practices and standards for equity release products and advice. This commitment aligns with Smart Money People’s mission to achieve increased trust by leveraging data to provide financial organisations with actionable insights to improve and build their business.

With Smart Money People’s arrival, the Council now has 762 member firms and 1848 registered individuals. Its member firms include every active UK lifetime mortgage product provider, as well as financial advisers, solicitors, surveyors, funders and other market professionals, covering every stage of the equity release customer journey.

Equity release sales have been slowly rising during 2024 after a subdued second half of 2023, with borrowers benefitting from the security of fixed or capped interest rates for life and the option to make voluntary penalty-free repayments without the risk of repossession.

The socio-economic factors driving demand for equity release, such as increasing longevity and the pension saving gap, are expected to continue fuelling the need for access to property wealth among older consumers, to support themselves and family members.

Jim Boyd, CEO of the Equity Release Council, said:

“We are pleased to welcome Smart Money People to the Equity Release Council. Our standards are the cornerstone of the UK later life market. The addition of Smart Money People is a ringing endorsement from a well-regarded brand, that puts customers first, that there are genuine opportunities for growth within our market.

“As people live longer, many find themselves asset-rich but cash-poor, with significant wealth tied up in their homes but limited funds to top up their pension income, pay for at home care or make home improvements. For the right person, releasing equity can provide them with the financial flexibility to enjoy a more comfortable retirement.

“We are committed to working with Smart Money People and our broader membership to ensure equity release products remain a trusted option which can contribute to better financial outcomes and experiences in later life.”

Jess Rushton, Head of Business Development at Smart Money People, said:

“The need to borrow into older age and even retirement is increasingly becoming a fact of life for more and more people. We’re committed to helping financial organisations better serve their customers with actionable insights. Smart Money People has extensive experience in working the mortgage sector, including this growing demographic. So we’re delighted to join the Equity Release Council, which will put us at the heart of this vibrant and growing industry.”

About the Equity Release Council

The Equity Release Council is the representative trade body for the UK equity release sector with more than 750 member firms and 1,900 individuals registered, including providers, funders, regulated financial advisers, solicitors, surveyors and other professionals.

It leads a consumer-focused UK based equity release market by setting authoritative standards and safeguards for the trusted provision of advice and products. Since 1991, more than 650,000 homeowners have accessed £46bn of property wealth via Council members to support their finances.

The Council also works with government, voluntary and public sectors, and regulatory, consumer and professional bodies to inform and influence debate about the use of housing wealth in later life and retirement planning.

About Smart Money People

Smart Money People is the UK’s most comprehensive customer review site for financial products and services. More than 2 million reviews have been shared to date, helping people make smarter financial decisions and providing financial services companies with a true picture of what customers think and need. In addition, they create in-depth bespoke reports for financial organisations. As a result, these companies can turn this data into actionable insights to help them better serve their customers and build deeper trust.

For more information:

Visit www.equityreleasecouncil.com

Email Instinctif Partners at [email protected]

Phone Libby Wallis and Andy Lane on (0) 207 457 2020