St. James's Place Joins Equity Release Council in 2025
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- St. James's Place's membership in the Equity Release Council can offer benefits such as enhanced consumer protection, adherence to high industry standards, and the potential for more competitive equity release product offerings.
- Customers can expect better protection and potentially more diverse and competitive product offerings from them, due to their membership.
- Being a reputable financial institution, they're expected to contribute by upholding the council's standards, and potentially introducing innovative equity release products.
- Them joining the ERC could potentially increase competition and innovation within the UK equity release market.
- Their involvement in the ERC can enhance the council's standards by setting a high bar for consumer protection and product offering based on their reputation and market experience.
St James Place has joined the equity release council.
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The Newest Lender on the Equity Release Council
The newest lender on the Equity Release Council is St. James Place. The council was formed in 1986 by six major equity release providers.
Their role is to develop standards of conduct and education for equity release providers who sell equity release products.
St. James’s Place (SJP), a UK-based life insurance company joined the Equity Release Council (ERC) in 2021.
The ERC is committed to developing best practice guidelines and ensures that all members operate in an ethical manner.
Their customers must be at the forefront of everything they do. This commitment is now shared by St. James’s Place following its recent membership application process.
A Bit About St. James’s Place
St. James's Place is an FTSE-100 wealth management company that focuses on long-term client relationships and providing sound financial advice.
The business was established in 1992 and has since expanded to be one of the biggest in the UK financial sector, with £143.8bn of funds belonging to clients under the company's management.1
They offer individualised advice on financial, investment, and tax planning, all designed specifically for your personal needs and life goals in mind.
Increasing Membership of the Equity Release Council
There is increasing membership of the Equity Release Council as this news caps off a strong 2 years in the organisation.
It has seen individual membership rise by 50% to over 1 500 representatives.
During this time, the number of equity release companies that have joined the representative trade body has nearly doubled, passing 600.2
With approximately £135 billion in client money under management, SJP provides individualised financial investment and tax planning advice.
For more than 15 years, equity release guidance has been a component of the SJP offering. However, one is generally advised to keep away from lenders who are not council members.
Its decision to join the Equity Release Council was driven by the industry's rapid pace of development and innovation.
A Word From the Equity Release Council
St. James's Place's membership, according to Jim Boyd, CEO of the Equity Release Council, is a mark of confidence in modern equity release and the stringent3 standards that support it.
Equity release has long been recognized by St James's Place as a valuable alternative for their clients.
Wealth managers, pensions specialists, and mortgage advisers are finding that their clients are contemplating a variety of issues in later life, from care planning to wealth transfer across generations.
The growing membership certainly reflects this.
St James's Place's long-term commitment to the market is welcomed by ERC.4 They look forward to working with it and other members to keep the market's high customer satisfaction requirements.
St. James Place Sees Becoming an ERC Member as a Great Move
St. James's Place sees becoming an ERC member as a great move, as head Paul Johnson stated that they have been providing equity release for over 15 years.
With the market evolving at such a rapid pace, they want to ensure that the high standards of advice required for clients taking out equity release plans are maintained.
The Equity Release Council continues to set the bar for consumer-focused advice, so their collaboration is a natural progression of their work in this field.
St. James's Palace is looking forward to taking advantage of the Council's continuous support for the industry.
Common Questions
What is Equity Release Council?
What Does St James's Place Do?
What Are the Benefits of St. James's Place Joining the Equity Release Council?
What Does St. James's Place's Membership in the Equity Release Council Mean for Customers?
How Will St. James's Place Contribute to the Equity Release Council?
What Impact Does St. James's Place Joining the Equity Release Council Have on the UK Equity Release Market?
How Does St. James's Place's Involvement Enhance the Standards of the Equity Release Council?
In Conclusion
St. James’s Place has been in the homeownership business for a long time but recently has acquired new knowledge on how to help people with their retirement goals.
They will be doing so through equity release loans and mortgages.
St James Place has joined the Equity Release Council to provide better customer service for seniors who are looking into this type of financial solution.