"These initiatives will help to ensure they can continue to access the right advice and support to make retirement funding decisions."
The framework will help businesses to benchmark the knowledge, experience and skills needed to deliver various roles effectively, with a particular focus on financial and legal advice.
It will also help advisers to seek out CPD opportunities and will enable new partnership and mentoring schemes across the later life arena.
Additionally, the Council is also asking awarding bodies and industry partners to review the current qualification structures for equity release and later life financial planning as the market continues to evolve.
Following the publication of the FCA's Mortgages Market Study final report, the Council is also working with the new guidance body – the Money and Pensions Service – industry and regulators to improve the online tools available for consumers to find a suitable adviser.
The Council believes that proposals to extend the Money Advice Service’s existing adviser directory will "complement consumers’ ability to identify whether an advice firm is a member of the Council".
David Burrowes, chairman of the Equity Release Council commented: “We are already seeing that the UK’s ageing population is bringing increased demand for access to high quality financial advice to help meet people’s financial needs in later life.
“The market has seen unprecedented change and growth in the seven years since the Council expanded to become a fully-representative trade body in 2012. However, the fundamental need for qualified and regulated financial advice, alongside clear product safeguards and independent legal advice, remains as important as ever for today’s customers.
“The option to unlock property wealth has become an increasingly common item on older homeowners’ checklist to consider. These initiatives will help to ensure they can continue to access the right advice and support to make retirement funding decisions.”
John Glen, Economic Secretary to the Treasury, added: “Equity release is now part of mainstream financial planning, and an increasingly attractive way to give homeowners more control over their money. For some this means maintaining quality of life in retirement; for others it is about meeting the cost of long-term care; for others it is about enabling financial support for their children and grandchildren.
“The challenge ahead is to continue providing innovation, flexibility and support for consumers to make the right decisions for themselves and their families. The Council’s ongoing work to ensure members guarantee both structured financial advice and legal guidance is commendable, and a key part of the effort to keep building visibility and trust in the market.
“I am a genuine admirer and ally of the equity release sector in the Treasury, and look forward to hearing new ideas and solutions about how equity release can help our financial system serve the changing needs of society.”
