Who Is The Equity Release Council (formerly Known As SHIP)
The Equity Release Council (ERC) is the new trade body for the equity release industry which has incorporated the codes of conduct formerly laid down by SHIP (Safe Home Income Plans). The ERC has set the standards that all members of the equity release industry should abide by in providing a professional & ethical advisory service. Members of the Equity release Council has now been extended to include not only the providers, but also advisers & brokers and members of the legal profession involved in equity release transactions.
The standards involved are the six code of conduct rules which ALL lifetime mortgage & home reversion companies must offer in their schemes. Additionally, their seven statement of principles lay down the ethical nature of equity release should be handled with potential customers. They also offer a consumer information library which provides generic information on how equity release schemes work. Finally, they now have a member directory which helps you find an equity release adviser in your area that is a member of the council.