Insurer firm Saga has joined the Equity Release Council, meaning it will now be able to offer products with the council’s industry-standard protections and guarantees.
As a member of the council, Saga will now guarantee its customers that it offers products and services which conform to the best practices of the sector.
Saga’s membership brings the total number of council members past 320, as the trade body attracts an increasingly broad range of organisations operating across the entire sector.
The industry recently experienced record lending figures for Q1 2014, when the total value of new equity release plans agreed hit £315.5m.
This was 35 per cent up on the equivalent period in 2013 and the largest total for the first three months of any year since quarterly records began in 2002.
Saga provides a range of products and services to 2.1m customers over the age of 50, including the Saga Equity Release Advice Service, provided by Just Retirement Solutions Limited.
Nigel Waterson, chairman of the Equity Release Council, said: “We are thrilled to have Saga on board as members of The Council.
“Its commitment towards financial education of the over-50s is very much aligned with our own practices, and we look forward to a successful and productive partnership.
“Improving awareness and understanding of equity release is at the heart of our agenda for 2014, and we look forward to welcoming more members as the sector continues to grow and develop.”
Jeff Bromage, chief operating officer at Saga Personal Finance, said: “As our population ages and the over-50 population increases, we have seen a growing need for a diverse range of financial solutions in retirement.
“Housing wealth is often people’s biggest asset, so it makes sense to be able to draw on this as part of financial planning in later life.
“The equity release sector experienced a landmark year in 2013 and we expect it to continue to grow as more people seek practical options to fund their retirement.”
