Equity Release Council communications manager Chris Fay looks back at the Equity Release Summit, in the first of a series of blogs and articles.
“Well done for reaching the Summit,” said Council Chairman David Burrowes as he welcomed delegates to the inaugural Equity Release Summit.
“If ever there was a sector that has been on a journey it must be equity release. The equity release market has grown almost four-fold over the past decade, from £945million in 2009 to £3.92bn in 2019.”
“But we recognise, as is often the case with summits, the equity release journey has further to go, not least to fulfil the needs of older consumers, who at the average age of 68 are the outright owners in the UK of trillions of equity. With inadequate retirement funding and savings, equity release is likely to be increasingly used to supplement day-to-day retirement incomes.”
Like the Council itself, the March 12 Summit was aimed at informing and influencing the debate around the use of property wealth in later life and retirement planning, while promoting high standards of consumer protection.
Taking place just a stone’s through from the Houses of Parliament the event, at the Church House Westminster conference centre, is also a reflection of the Council’s continued professionalisation and growth.
After 28 years, Council membership has swelled to 400 member-firms and 1,200 individuals from across the entire equity release value chain. By supporting the Council, David said each provider, solicitor, conveyancer and adviser has shown they are dedicated to pursuing good consumer outcomes.
He added: “We are continually impressed and inspired by our members, your commitment to older consumers and your genuine passion for this area of financial services, which often transforms older people’s lives.
“This is what the Council has always been about, since the start of its journey in 1991 to now, at its first Summit in 2020; safe equity release and setting authoritative standards and safeguards for the trusted provision of advice and products.”
