Regtech and lead generation firm Contact State has joined the Equity Release Council.  

The firm has joined the lobby group, which says it “aims to ensure that its members are highly professional and act with integrity and transparency in offering high-quality products and services to customers”.  

Members of the council must sell products and services under a code that includes no negative equity guarantees, the right to allow borrowers independent legal advice as well as providing customers with full and transparent policy details.  

Contact State head of mortgages and lending at Thomas Brett says: “The equity release market has been transformed with the development of the online journey, and while this digital shift — particularly at the start of the customer journey, via online quotes and calculators — has undoubtedly provided consumers with greater choice, it has also increased complexity and the potential for consumer detriment.  

“There is an inherent level of vulnerability within the equity release market, and providers need to be able to trust their lead generation partners and be confident that they are holding themselves to the standards the council expects.”  

He adds: “Ultimately, we would like to see data certification become a pillar of the market. If we can implement higher standards we can ensure customers, brokers and the market in general is protected from fraudulent marketing practices and regulatory restrictions, enabling ‘good’ lead gen to continue to play a key role in the market.”  

Equity Release Council chief executive Jim Boyd adds: “Advisers using the services of an introducer or lead generator must be confident their business is undertaken in a professional, safe, and secure manner with customer data handled in the proper way.   

“Today’s digital world helps put more information at customers’ fingertips, and it is vitally important that trust and transparency are built into the process, so consumer interests are protected at all times.”