Equity Release Council members have seen the number of intermediary arranged plans increase by a third in the past decade.
In data provided to FTAdviser, intermediaries accounted for more than 96 per cent of new equity release plans agreed via council members in 2017, compared with 63 per cent in 2007.
Under the Financial Conduct Authority's (FCA) mortgage conduct of business rules, all equity release sales must be advised - be it via an intermediary or direct advice route.
Under these rules, an execution-only equity release sale is only possible if the client has first explicitly rejected any advice provided and requested an execution-only transaction.
An Equity Release Council spokesperson said the growing range of providers and products in the equity release market, together with the FCA's Mortgage Market Review in 2014, has increased the role of intermediaries - at a time when their role has also grown in the wider mortgage market.
The spokesperson for the council said: "Advice is a fundamental part of taking out any equity release plan, and all customers of Equity Release Council members benefit from the same three fundamental levels of protection, including regulated financial advice, independent legal advice and clear, robust product safeguards."
Gary Webster, independent equity release adviser and head of partnerships at Equity Release Supermarket, said the Equity Release Council is central to the success of the market and consumers increasingly understand the protections and quality of advice they will receive from a council member.
He said: "Over the last ten years the equity release market has grown by almost 300 per cent - at the same time, new lenders have come into the market offering innovative new plans and we also should not forget that the digital revolution only really started about 10 years ago.
"This mix has given consumers greater choice and access to information and so it comes as no surprise that they are shopping around from the whole of market to find the right deal for them.
"However, it is also fair to say that not all lifetime providers actively operate in the business to consumer space and this therefore supports a higher percentage of intermediated transactions in comparison to the conventional mortgage market."
Earlier this month, a Moneyfacts consumer survey of 300 people found 81 per cent of respondents felt they did not need to seek advice when taking out an equity release plan.
rachel.addison@ft.com
