Fair Value Assessment
Equity Release Supermarket Limited is a specialist advisory firm providing advice on Lifetime Mortgages, Home Reversion Plans, Retirement Interest Only Mortgages and Mortgages. Equity Release Supermarket Limited is authorised and regulated by the Financial Conduct Authority and can be found on their website; reference no. 584603. Equity Release Supermarket are also members of the Equity Release Council who represent the equity release sector.
Regulation
Financial Conduct Authority (FCA): Equity Release Supermarket Limited must be authorised and regulated, and before the FCA grant authorisation, we must demonstrate that we meet a range of requirements. The FCA supervise all regulated firms to make sure they continue to meet their standards and rules after they are authorised, and if firms and individuals fail to meet these standards, the FCA have a range of enforcement powers they can use. The FCA are an independent public body funded entirely by the fees that they charge regulated firms.
Trade Body
The Equity Release Council are a consumer centric trade body who exist to promote high standards of conduct and practise in the provision of advice on equity release which have consumer safeguards and its heart.
Equity Release Supermarket
As a whole of market independent intermediary providing advice and services we must comply with our regulatory and trade body obligations. We offer truly independent, whole of market, impartial advice and we customise our advice process to suit each consumer. Our advice process and services are designed to offer fair value to our consumers within our target market. We constantly review our fees regarding the costs of our activity and if we feel they negatively impact the intended value of our service, we commit to taking appropriate corrective measures.
Qualified Advice
All our advisers hold the appropriate qualifications to provide advice, they undertake continuous professional development and are annually certified to confirm their competence working within the financial conduct authority regime.
Fair Value Assessment
We have considered the following areas as part of our fair value assessment:
- Our target market.
- The benefits and limitations of our service
- The cost and charges of providing our services.
- Enhanced services.
- Regular Reviews.
- The assessment has concluded that the advice service continues to offer fair value to the target market.
Costs and Charges
We charge a fixed advice fee which is regularly reviewed to ensure that it is providing fair value for our consumers. Our fee is fixed at the outset of the discussions with our consumers, and they will not pay the advice fee until their application completes. If they decide to end or cancel the advice process at any time before the completion of the application, they will not be charged.
Our Target Market
Equity Release Supermarket Limited’s target market is UK consumers who are aged 50 plus, seeking advice for capital funding or income, and we advise consumers who require a single or joint product solution.
Power of Attorney applicants who complete the advice process and are applying for a product solution on behalf of their donor/consumer who have lost capacity to attend to their financial decisions. A Power of Attorney can act jointly or severally.
Consumers who live in England, Northern Island, Scotland, and Wales.
Are looking at capital raising and seeking financial guidance or advice to meet their financial objectives within a range of later life funding options.
The target markets consists of three main consumers:
- Pre-Retirement Consumers:
- At Retirement Consumers:
- In Retirement Consumers:
Which Consumer Would Not Benefit From Our Service
- Consumers who are not at least 50 years of age
- Consumers who require more than 2 applicants
- Consumers who require short-term bridging finance
- Consumers who live in the Isle of Man and the Channel Islands
The Benefits of Our Service
Our advice and services are designed to firstly inform, educate, and then advise consumers who want to use their housing wealth for a number of objectives.
At Equity Release Supermarket we offer advice on capital raising solutions including Lifetime Mortgages, Home Reversion Plans, 50+ Mortgages, and Retirement Interest Only Mortgages. Our website and advice process is tailored to each consumers individual circumstances.
Equity Release Supermarket are committed to providing informative clear, open, and transparent advice and after assessing each individuals’ circumstances, we will make a recommendation for equity release. However, if we conclude that equity release is not the best solution for the consumer, we will inform them and confirm our advice.
What Services do Equity Release Supermarket Provide
Our Website is free to use, it contains clear, open, transparent information to inform, educate and guide the consumers on their options for equity release and later life funding.
We give access to a range of bespoke calculators which are designed to help the consumer become familiar with equity release before they engage with an equity release adviser.
We give consumers free access to our online-real time smartER research tool which will help them enhance their understanding, providing them with their own solutions based on their personal criteria before they consider taking advice.
When we give advice, our fully qualified advisers will complete a full financial assessment including consideration of the alternatives to equity release. Only when our advisers have a clear financial picture, will they make a recommendation from the whole of the market.
As part of our service, we use a range of communication options, including the use of telephone, face-to-face, video and LiveChat technology.
We will research the whole of the equity release and mortgage market, using comparison tools or software when recommending products.
Our team of dedicated case co-ordinators will support and manage the application process, liaising with solicitors and the provider until completion.
We give all consumers access to their own portal where all their documents are stored, and they can track their application.
We provide advice before, during and throughout the full-term of the product recommended.
Limitations to Our Advice and Service
Where we identify products or services that we do not provide or we can’t advise on, we have trusted partners who have successfully completed our internal due diligence checking.
These trusted partners typically provide advice on:
- Estate Planning, Wills and Lasting Power of Attorney
- Savings, Pensions, and Investments
- Life Insurance and Protection
- The Provision of Long-term Care
How We Give Advice
Equity Release Supermarket advisers provide advice to consumers based on their individual personal requirements. Advice can be provided Face-to-Face via the telephone, via video conferencing, or blended via a combination of all advice channels.
Potential Vulnerability
Equity Release Supermarket defines a Potentially Vulnerable Consumer as a consumer who is currently at a heightened risk of experiencing detriment compared to most consumers. They have the potential for serious/negative impact to their current situation and special attention is required when aiming to achieve the best outcomes. All staff are trained to recognise potential vulnerability and act accordingly to ensure the fair treatment of all consumers. Central to our culture is to provide products and services marketed for the needs of the identified demographic groups. When a consumer is identified as potentially vulnerable, we encourage them to be accompanied by a friend, relative or legal adviser to support or assist them during any meetings. If they are accompanied, we assess in the first instance, if the person accompanying the consumer at the meeting is not placing any pressure upon them regarding their finances or objectives.
Consumer Circumstances Within our Target Market
Our advice and services are designed for our target market to provide capital typically for:
- Consumers who want a solution for the rest of their lives.
- Consumers who want a solution over a pre-determined term.
- Consumers who want to retain ownership of their home and have a loan secured.
- Consumers who are prepared to sell all or part of their home in return for a cash lump sum.
Consumer Objectives Within our Target Market
Typically, our target market will be looking to raise capital for:
- Home and Garden Improvements
- Holidays and Lifestyle
- Gifts to family/Wealth Transfer
- Replacing Existing Mortgages
- Replacing Existing Unsecured Debts
- Income and Emergency Funds
- The Purchase of Second Homes
- Purchasing Caravans and Motorhomes
- Purchasing Cars and Motorbikes
Strategic Reviews
Equity Release Supermarket have a strategic team who meet quarterly and regularly review the appropriateness of our advice processes and the services we provide to consumers. Key stakeholders within the strategic team monitor regulatory requirements, internal operational procedures, key performance indicators including ensuring our marketing is aimed at our target market, digital data analysis to review the advice process, monitoring compliance checking, reviewing consumer testimonials, ombudsman complaint data, and trade body communications.