Older homeowners place a premium on trust, transparency and tailored advice when dealing with later life finances, according to new research published today by the Equity Release Council.
The findings, based on a nationally representative sample of 2,000 older homeowners, were released to coincide with the launch of the Council’s updated consumer protection framework, Standards 2.0. The refreshed standards include a new Consumer Charter aimed at helping customers understand what they should expect from firms and advisers in the sector.
The research highlights how trust becomes even more important with age. Across the board, respondents aged 40 and above ranked trusted advice as their top priority, followed closely by transparency, thoroughness, and a personalised approach. The consistency of these views across age groups underlines the universal importance of these qualities, though their perceived value intensifies among older age brackets.
Just 4% of those surveyed believed that current regulation alone was sufficient to protect consumers, while another 4% expressed concern about too much regulation. By contrast, nearly two-thirds (63%) of respondents said they supported additional standards because they wanted as much protection as possible when taking out financial products. A further 56% said such standards provided reassurance that additional support would be available if something went wrong.
These sentiments became notably stronger among respondents over the age of 56. Compared to those aged 40–55, 12% more in the older group said they wanted maximum protection, while 11% more felt reassured knowing that additional help would be on hand should issues arise.
EXPECTATIONS
Michelle Highman, chair of the Equity Release Council’s standards committee and a non-executive director, said: “Customers need to trust their advisers to provide transparent, thorough and tailored support, which is why when we relaunched our Standards, we included a Consumer Charter. This consumer-facing document clearly highlights what people can expect from a member of the Equity Release Council and encourages people to expect the most from their advisers.”
Highman added that while not all older customers are vulnerable, people are more likely to experience circumstances that heighten vulnerability as they age, making the need for robust standards even greater. “Two-thirds of homeowners over the age of 65 said that additional standards mattered as they wanted as much protection as possible while 61% wanted to know they would get additional support if anything went wrong,” she said. “It is these types of safeguards that will encourage more people to look at all their options in retirement and help to encourage more people to make proactive use of their property wealth as they age.”
In addition to providing greater confidence, many respondents said receiving trusted and tailored advice made them feel understood (29%), hopeful (27%), and more engaged (25%). A further 43% said it gave them confidence in their financial decisions.
The Council’s latest initiative reflects a broader trend across the financial services industry to go beyond regulatory compliance and build deeper, more meaningful relationships with clients — particularly as they approach or navigate later life.
The Consumer Charter forms a key part of this approach by outlining clearly what consumers should expect when dealing with a Council member. It aims to promote accountability while ensuring customers are better informed and supported throughout the decision-making process.
