The document aims to support high standards of advice and good consumer outcomes, and is available to all on the council’s website.
The guide reflects the evolution of the market, where product choice has expanded to more than 500 options, with a growing range of features, protections and guarantees.
The update captures the latest industry and regulatory feedback to promote consistent advice for consumers, along with related developments in later life lending products.
It has been informed by a series of adviser roadshows, hosted by co-author Pure Retirement, where attendees requested the new sections on business development.
It complements other council resources such as the Competency Framework and Checklist for Advisers to help firms to operate in line with its standards, rules and guidance.
Donna Bathgate, chief operating officer of the ERC, said: “It is by no means an understatement to say that the world has changed since the first edition of the Adviser Guide to Equity Release was published almost four years ago.
“But despite the challenges our market has held steady, which is a remarkable feat.
“Property wealth will inevitably continue to play a role to help meet the wide-ranging needs of the UK’s ageing population, come what may, and advisers must be supported to provide not just good, but great service.
“This guide is designed to take advisers from an initial understanding of the market, and the opportunity it presents, through to submission of an application and beyond.
“Above all it is designed to support the high standards of advice and good consumer outcomes necessary to ensure the market continues to grow in a safe and sustainable way.”
Paul Carter, chief executive officer of Pure Retirement, added: “As the market has grown and has become an attractive proposition for an ever-widening customer base with varying needs, it’s imperative that advisers are armed with the tools to be able to best serve them.
“With the original Adviser Guide having continued to resonate with the wider market over the last few years, it’s incredibly gratifying to have been involved in its updating and refreshing to ensure it remains an invaluable resource for years to come.
“It represents a huge amount of work that has largely taken place in a constantly changing landscape and we’re all incredibly pleased and proud both of the finished product, and the way its underlines Pure Retirement’s commitment to supporting advisers throughout the industry.”
