Equity release trade body Safe Home Income Plans has relaunched as the Equity Release Council following its decision to expand its membership to include financial advisers.
Under its former guise, the organisation only allowed equity release providers to become members. However, from Monday the ERC will broaden its membership to include advisers, lawyers, surveyors and other interested parties.
The ERC will also work with its membership to devise a broader code of conduct for equity release.
Speaking to Money Marketing, chairman Nigel Waterson (pictured) says 30 organisations are on the waiting list to join the trade body.
He says: “Ship has done a very good job for 20 years but it is under engineered. The ERC will have more resources and more muscle.
“At the moment Ship represents 90 per cent of providers and we want that to be the case across the industry. We want IFAs to be queueing up to join us and I think they will.”