Smart Money People has joined the Equity Release Council as its newest member.
It means that the council now has 762 member firms and 1,848 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 this year following a subdued second half of 2023.
Borrowers have benefitted 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.
Jim Boyd, chief executive of the Equity Release Council, said: “We are pleased to welcome Smart Money People to the Equity Release Council.
Building a better PRS for all
With already complex regulation on landlords today and more changes on the horizon, Heather Cara,
Sponsored by BM Solutions
“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.”
He continued: “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 [that] can contribute to better financial outcomes and experiences in later life.”
‘Vibrant and growing industry’
The council focuses on establishing best practice and standards for equity release products and advice.
This commitment aligns with Smart Money People’s mission to achieve increased trust by providing financial organisations with actionable insights to improve and build their business.
The council said the socioeconomic factors driving demand for equity release are expected to continue fuelling the need for access to property wealth among older consumers, to support themselves and family members.
These factors include increasing longevity and the pension saving gap.
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.”
Last month, Square 4 also joined the Equity Release Council.
