All aspects of equity release advice and product provision will now be covered by one body.
It is understood the trade body already has commitment from several of the most influential organisations in the equity release arena to become members and currently has a waiting list of 30 organisations.
The main remit of the new organisation will be to protect consumers and increase education, awareness and understanding of how equity release works and the safeguards in place for consumers.
Andrea Rozario, director general of The Equity Release Council, said: A tremendous amount of work has gone into the design of the structure for the new Equity Release Council and after many months of discussions with stakeholders across the industry we are now excited and very confident that this leap forward is most definitely the right thing to do and at precisely the correct time.
“We are all aware of the huge pent up demand for equity release but we need to work together to help consumers access their housing wealth as safely and as easily as possible.
“The new website will offer one port of call for all customers making it easy for them to get access to unbiased information and find advisers, solicitors, surveyors and providers who are all committed to the best possible outcome for the customer.”
Chris Pond, chair of The Equity Release Council’s standards board, added: “Equity release could help many people meet their needs in retirement - a better quality of life, meeting the costs of long-term care, giving a helping hand to a younger generation or just clearing debts.
“But the market for equity release can only grow if the public and policymakers have confidence that the highest standards of consumer protection will be maintained.
“That's why it's important that all those engaged in equity release sign up to a code of conduct that meets consumer needs. The Equity Release Council will fulfil a vital role in building on the work of SHIP by extending that commitment throughout the industry.”
