We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.

Equity Release Council

Equity Release Council logo

We’re proud to be a member of the Equity Release Council. The Council is the industry body for the equity release sector. It was originally launched in 1991 as Safe Home Income Plans (SHIP) and rebranded to the Equity Release Council in 2012.

The Equity Release Council now represents all the participants in the equity release market, providing a voice for the sector as well as setting standards and safeguards which are designed to protect and reassure consumers.

The Equity Release Council, which incorporates the Standards Board, aims to protect the customer and works to increase knowledge in order to help customers make informed decisions.

As a member of the Equity Release Council, we adhere to their Statement of Principles and Product Standards. The key consumer protection measures provided by the Equity Release Council are:

  • For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan.
  • The client must have the right to remain in their property for life or until they need to move into long-term care, provided the property remains their main residence and they abide by the terms and conditions of their contract.
  • The client has the right to move to another property subject to the new property being acceptable to the product provider as continuing security for their equity release loan.
  • The product must have a “no negative equity guarantee”. This means that when the property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to the provider, neither the client nor their estate will be liable to pay any more. 
  • The client must seek independent legal advice.
  • A clear, simple and complete presentation and explanation of the equity release plan must be provided. The benefits and limitations of the plan will be clearly set out, together with any obligations under the terms of the contract. 

Please note that our Over 55 Buy-to-Let Options and Second Home Options do not meet all the product standards. This is because they are not secured on a main residence. As a result, the following standards do not apply:

  • The right to remain in the property for life, or until the customer moves into long term care.
  • (For Over 55 Buy-to-Let Mortgage only) The right to move to a suitable alternative property.

All the remaining product standards do apply, including the No Negative Equity Guarantee and fixed interest rates for the life of the loan.

You can find out more about the Equity Release Council here.

To find advisers or solicitors who are members of the Equity Release Council, you can view their Member Directory here.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.