We wanted to send you my thanks for all the hard work that you are doing looking after the needs of customers who want to have the option to choose equity release and for all the ways you are supporting your local communities.

The Council has been working flat out to find innovative solutions to support the market at this unprecedented time. We are delighted that as an industry we have managed to find a temporary modification to our face-to-face legal advice standard to help our socially important market continue to operate. This solution works for all solicitors, big and small across the UK.

We wanted to brief you on the other activities we are conducting on your behalf:

Council engages with HMT and Law Society – The Council has contacted the Treasury and Law Society, to update them on the Council’s proposed modification to its standards around face-to-face legal advice. We have requested guidance and clarity on the issue of key workers and the current legal requirement for the deed to be physically attested by an independent witness. We await a response and will update members. We have also been liaising closely with the Financial Conduct Authority on this development and have also met with the Financial Services Consumer Panel.

Engaging with the Bank of England and regulators – The Council is collecting information to help inform the Council’s planning, wider membership and external stakeholders, including the Bank of England and regulators. In particular we are reviewing how market conditions have changed over the past weeks as a result of the spread of Covid-19 and assessing views on the outlook for the market over the coming months. This includes identifying information about product availability, product pricing, access to funding, cost of funding, volumes of enquiries, volume of completions, % of enquiries to completion, loan sizes etc

Fraud and cyber-crime prevention – as we adjust to remote working, we must be vigilant as there has been a reported increase in fraud and cyber-crime. To keep you safe please find links to advice from the FCA, the NCSC and the CBI to discover ways to maintain good security at this time.

Government’s Coronavirus Business Interruption Loan Scheme (CBILS) – this provides facilities of up to £5M for smaller businesses across the UK who are experiencing cash flow disruption and loss of earnings due to the current situation. Link here.

Please keep the ideas and questions coming 

Best practice ideas – We want to hear from our members on what they are looking for to support them during this challenging period, so that we can share best practice ideas with the wider community or raise particular concerns in our regular meetings with government and regulators – contact the Council. 

Showcasing the equity release community – We want to highlight for you the work people in our sector do in their day job for our customers and the remarkable outcomes equity release provides for our customers at this time.
We also want to showcase the many things that you do outside of our day job, in your communities, with the elderly, the isolated and the less fortunate. Please do let us have some examples and ideas and also [please do record your own blogs and send them to us]. We will then review and publish them. Submit content here.

Do also look at the following sources of information provided by the Council to help and support your businesses: 

We receive a huge number of calls and emails every week with thoughts, suggestions and problems. They are all welcome. Thank you for all you are doing and keep safe.