ERC membership swells past 400
The council relaunched from Safe Home Income Plans in May 2012, when it had just 20 members.
Nigel Waterson, its chairman, said: “Reaching this significant milestone of over 400 members is the result of the council and its members not only safeguarding consumer protections across the sector, but also actively promoting the merits of equity release.
“We are seeing equity release’s transition into a mainstream financial product as a result of a wide range of activity from working with regulators and policymakers, intermediaries and providers.
“Ensuring consumer protection is the driving force behind the council, and our members’ work is crucial to its success in this area. Through shared efforts across the industry, equity release is one of the most carefully regulated products in the financial sector and, as such, offers safety and security for later life.”
The council’s growth is mirrored across the market, as the annual value of equity release plans has increased by 75% since 2011, with over-55s releasing a record £1.38bn of housing wealth in 2014.
Well-known financial brand Legal & General announced that they would launch into the market in February by acquiring New Life Home Finance, while they are targeting £100m of lending in the first year.