The equity release council has a new member and we’ve got exciting news to share!
If you’re not up-to-date with the latest market developments, you could end up missing out on an incredible opportunity. Are you looking to join this multi-billion pound industry?
We’ll help you discover:
- Why it’s essential to unlock equity through a member of the Equity Release Council.
- Everything you need to know about St. James’s Place.
- The growth seen in the Equity Release Council.
At SovereignBoss, we’re constantly keeping our finger on the pulse to bring you the latest equity release news. We’ve spent 1000’s of hours deep in research, and now we have a gem to share. Check this out!
The Newest Lender on the Equity Release Council’s Block
In case you’re not aware, the council was formed in 1986 by six major equity release providers. Their role is to develop standards of conduct and education for lenders who sell equity release products.
St. James’s Place (SJP), a UK-based life insurance company has 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.
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
The addition caps off a strong 2 years for the Council, which 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.
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 stringent1 standards that support it. Equity release has long been recognised 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 contemplating2 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.3 They look forward to working with it and other members to keep the market’s high customer satisfaction requirements.
SJP Sees Becoming an ERC Member as a Great Move
St. James’s Place Wealth Management’s head of mortgages, Paul Johnson, stated that they have been providing equity release for over 15 years and that, 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.
What is Equity Release Council?
The Equity Release Council (ERC) is a non-profit organization that oversees fair practice within the industry. It was established in 1991 to promote safe equity release products and to protect homeowners’ interests.
What Does St James's Place Do?
The FTSE 100 wealth management group St. James’s Place PLC is a market leader. Their mission is to empower their clients, advisers, employees, shareholders, and the general public to shape the futures they desire.
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.
The company is now joining forces with the Equity Release Council to provide better customer service for seniors who are looking into this type of financial solution.
Are you wondering how much cash might be available to unlock from our property? Try our free equity release calculator today.