Smart Money People has officially joined the Equity Release Council, strengthening its role in the financial sector.
- This membership marks a milestone, reflecting the continuous growth in the equity release market throughout 2024.
- Equity release products offer financial flexibility for older generations, particularly those asset-rich but cash-poor.
- The partnership will leverage Smart Money People’s expertise in consumer insights to enhance service delivery.
- Both parties are committed to maintaining trust and standards in later life lending, promising better financial outcomes.
Smart Money People’s recent membership in the Equity Release Council represents a significant advancement in its mission to enhance financial decision-making for consumers. This move is also a clear indicator of the expanding opportunity in the equity release market, which has experienced steady sales growth during 2024. Smart Money People has built a reputation for empowering consumers and providing crucial insight to financial service companies, boasting over two million shared reviews to date.
Joining the Equity Release Council, which includes 762 member firms and 1,848 registered individuals, positions Smart Money People among a broad array of financial advisers, solicitors, surveyors, funders, and other professionals involved in the market. This diverse network is key as equity release options, characterised by fixed or capped interest rates and voluntary repayment options without repossession risk, become increasingly vital for those seeking retirement comfort without liquidating their homes.
Jim Boyd, CEO of the Equity Release Council, welcomed this development, emphasising the Council’s dedication to maintaining high standards, which are integral to the UK’s later life financial sector. According to Boyd, Smart Money People’s inclusion is a testament to their consumer-first ethos and recognises potential growth opportunities in the market. As demographic trends shift, more individuals face financial constraints despite substantial property assets, necessitating solutions like equity release.
Jess Rushton, head of business development at Smart Money People, echoed this sentiment, highlighting the growing necessity for borrowing into older age. She noted the organisation’s experience with the mortgage sector, especially given its focus on actionable insights for better consumer service. The collaboration with the Equity Release Council places Smart Money People at the heart of a dynamic and expanding industry, poised to benefit both consumers and financial institutions alike.
The partnership between Smart Money People and the Equity Release Council is set to drive positive change in the financial landscape of later life lending.
