Regulatory bodies

It’s reassuring to know that the companies providing pensions and annuities are regulated. A number of bodies are involved including The Financial Conduct Authority and the Prudential Regulation Authority.  The Pensions Regulator looks after workplace pensions. The Equity Release Council is an industry body that promotes good practice and insists on safeguards to ensure equity release products are safe and accessible.

What is the Financial Conduct Authority (FCA)?

The FCA seeks to protect you, the consumer.

At the same time, the FCA is promoting healthy competition between financial services providers – which helps bring down the costs of both the products those providers sell and the services they provide – and keeping the industry stable.

The FCA oversees the conduct of individuals and companies providing financial services, investigates problems, and works hard on behalf of consumers to make sure it’s relatively easy to access and use financial products and services.

It aims to make financial markets work well – for individuals, for business, large and small, and for the economy as a whole.

What is the  Prudential Regulation Authority (PRA)?

The PRA is part of the Bank of England. It’s responsible for making sure that companies offering financial services, including banks, insurance companies and major investment firms are run properly. It also looks to ensure that people using their services have some security against loss if they go out of business.

What is The Pensions Regulator?

The Pensions Regulator (TPR) is the public body that protects workplace pensions in the UK. It works with employers and those running pensions so that people can save safely for their later years. Responsibilities include making sure employers put staff into a pension scheme and pay money into it (‘automatic enrolment’), protecting people’s savings in workplace pensions and improving the way workplace pension schemes are run.

How does The Equity Release Council protect homeowners?

The Equity Release Council is supported by the leading providers of equity release and was created to promote safe schemes and products and to safeguard the interests of homeowners. Just is a member of the Equity Release Council.

Each member of the Council that provides equity release has to abide by a statement of principles. This statement of principles offers you peace of mind, and means you can use equity release products in confidence knowing that you will be able to remain in your home for the rest of your life or until you enter long-term care.

The Equity Release Council helps protect customers by ensuring the products offered come with a no negative equity guarantee. This means that when the property is sold after you die or move into long-term care, you or your beneficiaries will not have to repay more than the sale proceeds, even if they are less than the amount owed.