ERC publishes Consumer Duty compliance guide   

Support for member providers and adviser firms

Julia Bahr
clock • 2 min read

The Equity Release Council (ERC) has introduced guidance to help its members to comply with the Financial Conduct Authority’s (FCA) Consumer Duty that comes into effect on 31 July.

Launched today (1 March) the guidance focuses on fair value - part of the price and value outcome -which it explained was one of the most important areas of Consumer Duty for the mortgage industry, including the equity release sector. The guidance is made up of three sections entitled: introduction to a fair value assessment; completing a fair value assessment; and governing a fair value assessment. It is aimed at provider and adviser firms and was produced with the support of a global advisory firm, according to the ERC. Head of risk, policy and compliance Kelly Melville-Kelly sai...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Regulators rethink D&I targets 'to avoid additional burdens on firms'

Regulators rethink D&I targets 'to avoid additional burdens on firms'

FCA and PRA to take different appraoch to diversity and inclusion

Linus Uhlig
clock 13 March 2025 • 2 min read
FCA's shelved name and shame policy 'deeply flawed from the outset'

FCA's shelved name and shame policy 'deeply flawed from the outset'

The decision to drop the policy described as ‘significant development’

Sahar Nazir
clock 12 March 2025 • 2 min read
SDR 'not easy' but has 'raised the bar' - FCA's Sacha Sadan

SDR 'not easy' but has 'raised the bar' - FCA's Sacha Sadan

More than 100 funds have adopted one of the four SDR labels

Cristian Angeloni
clock 12 March 2025 • 4 min read