SERA, the Society of Equity Release Advisers, launches today.
The group aims to represent the interests of smaller independent equity release practitioners and raise the profile of equity release as a retirement option.
SERA says it will partner with other professional firms of IFAs and solicitors to provide advice, as well as working with product providers to develop client solutions.
It also aims to form a ‘centre of excellence' forum to encourage debate and develop best practice through master class case studies.
This latest trade body fills a gap in representation for equity release intermediaries between product providers who are part of Safe Home Income Plans (SHIP) and solicitors who have the trade body Equity Release Solicitors' Alliance (ESRA).
Third quarter results from SHIP suggest 74% of equity release plans are arranged via intermediaries.
The creation of the new trade body is likely to be seen as an attempt to rebrand and professionalise the equity release industry, which has been dogged by criticism of providing poor advice to consumers who are then left unaware of the full consequences of their retirement choice.
Providers are also shying away from the sector, with Prudential recently withdrawing its equity release scheme.
Simon Chalk, one of the founders of the Society, will sit as the inaugural SERA chairman.
They join the technical teams
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New technology categories
'Significant impact on bottom line'