The ship has sailed, so to speak, with the Equity Release Council now making strides to position itself as the new representative of the industry.
The member directory shows that as of 29 January the membership was made up of 10 providers, 34 adviser firms, 12 solicitors, one surveyor and four general members. In the scheme of things, whether we believe this number to be representative of the sector, it is fair to say that 61 members is far more accurate than previous sector representations. The level of adviser membership makes one thing clear: advisers do want to be involved in the shape of the organisation.
While some of the adviser member firms represented are the larger players in the sector, it is important that smaller firms do not sit without a voice on how the Council represents them. This becomes more important when we look at the Council’s remit: “The Equity Release Council now represents all stakeholders in the equity release market, providing a voice for the sector as well as setting standards and safeguards that protect and reassure consumers.”
In delivering this the members and the respective working groups within the Council will be playing a part in the make-up of those standards and safeguards. Apathy may play a part for those who have not joined – which has been the challenge of every trade organisation – those who feel they benefit from the hard work the organisation undertakes, even if they are not members. Some of that may well be true but, as we will see increasingly, the Council’s work spans many influential platforms. These platforms include the press, politicians, key stakeholders in the sector and, of course, the regulator. We should all want to be part of that.
Dean Mirfin
Group director
Key Retirement Solutions
