A mandatory face-to-face in-person meeting with a solicitor will be required for all customers considering an equity release product with a member firm, the Equity Release Council (ERC) has said.
The rule, which has been temporarily relaxed since April 2020 due to the Covid-19 pandemic, will be re-instated as of 19 April. Existing cases in progress now, which have used this temporary amendment, must be completed by 31 July, the ERC said. "All new cases from today must involve an element of in-person, face-to-face legal advice in order to be accepted. Industry data suggests the vast majority of cases in Q1 2022 already involved face-to-face legal advice." The trade body, which has nearly 700 member firms and more than 1,550 individuals registered, said the relaxation of the rul...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
