Text Size:  A  A  A

How Are You Protected?

Financial Services Authority (FSA)

The Financial Services Authority is an independent non-Governmental body with statutory powers under the Financial Services and Markets Act 2000 for regulating financial services in the UK. It is financed by the financial services industry.

The FSA aims to maintain efficient, orderly and clean financial markets and help retail customers achieve a fair deal.

equityCare is a trading name of Directly Financial Limited who are authorised and regulated by the Financial Services Authority.

All authorised firms must adhere to strict rules governing advice and, in the event of a complaint, consumers ultimately have access to both the Financial Services Compensation Scheme (www.fscs.org.uk) and Financial Ombudsman Service (www.financial-ombudsman.org.uk) if required.

If you have any concerns about the service you have received from us, a copy of our complaints procedure is available upon request.

Safe Home Income Plans (SHIP)

SHIP represents the majority of the equity release market in terms of volume and its members include the leading providers of lifetime mortgages and home reversion plans. All equity release providers that are members of SHIP pledge to observe the SHIP Code of Practice. Accordingly, the following guarantees have to be provided to customers:

• To allow customers to remain in their property for life provided the property remains their main residence.
• To provide customers with fair, simple and complete presentations of their plans. This means that the benefits and limitations of the product together with any obligations on the part of the customer are clearly set out in their literature. It should include all costs that the customer has to bear in setting up the plan as well as the tax implications, their position on moving house and the effects of changes in house values on their loan.
• The right to move their plan to another suitable property without any financial penalty.
• The right for the customer to choose an independent solicitor of their own choice to conduct their legal work. The firm must provide the solicitor with full details of the benefits their client will receive prior to the completion of the plan. The solicitor only signs a certificate once he or she is satisfied that their client fully understands the risks and benefits of the plan.
• The SHIP certificate signed by the solicitor is there to ensure clients are aware of the terms and implications of the plan including the impact of equity release on their estate.
• All SHIP plans carry a no negative equity guarantee. This means customers who comply with the provider's terms and conditions will never owe more than the value of their home and no debt will ever be left to the estate.

Equity release may involve either a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.