St. James’s Place (SJP), a UK-based life insurance company has joined the Equity Release Council (ERC) to help ensure that equity release products are given impartial advice and guidance for customers. The council was formed in 1986 by six major equity release providers to develop standards of conduct and education for estate agents who sell equity release products.
The ERC is committed to developing best practice guidelines and ensuring that all members operate in an ethical manner with their customers at the forefront of everything they do. This commitment is now shared by St. James’s Place following its recent membership application process.
Increasing Memebers of Equity Release Council
The addition caps off a strong two years for the Council, which has seen individual membership rise by 50% to over 1 500 members. 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 individualized financial, investment, and tax planning advice. For more than 15 years, equity release guidance has been a component of the SJP offering. Its decision to join the Council was driven by the industry’s rapid pace of development and innovation.
St. James 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 recognized by St James Place as a valuable alternative for its 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, and the growing membership reflects this.
St James Place’s long-term commitment to the market is welcomed by ERC3 and 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’ 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), which was founded in 1991 and is backed by the UK’s top equity release providers, is a non-profit organization. It was established to promote safe equity release products and to protect homeowners’ interests.
What Does St James 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 they have acquired new knowledge on how to help people with their retirement goals 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.