Safe Home Income Plans (SHIP) has updated its certificate for members, which it says will provide better customer protection.
The new clause will require solicitors working on an equity release case with a SHIP member to sign a clause declaring they are independent from both the lender and financial adviser involved in the case.
The clause also requires solicitors to confirm they have neither received nor offered any financial remuneration to the financial intermediary for the transaction.
SHIP says the new clause will help bolster consumer protection along with the many other requirements for members.
No SHIP member will be able to proceed without a certificate fully signed by the solicitor involved in the case.
Andrea Rozario, director general of SHIP, comments: “The SHIP certificate makes it clear that there is to be no remuneration between advisers and solicitors. Although this is already part of the SHIP code of conduct, this clarification of the safeguard leaves no room for misunderstanding.”
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