It aims to provide independent legal advice to homeowners considering an equity release plan.
Andrea Rozario, Director General of SHIP, said: “The launch of the Equity Release Solicitors’ Alliance (ERSA) is a step in the right direction for the industry as a whole. SHIP has always championed independent legal advice, and it is in fact a requirement for all solicitors working on an equity release case to sign a clause asserting their independence from the lender and the financial adviser, on the SHIP certificate.
“There are seven members of ERSA who together make up a large percentage of the legal market for equity release legal advisers, and the fact they have come together to promote the cause and help others to realise that this is likely to be an area of growing importance is very positive for the equity release industry.
“This is a vote of confidence from the legal sector and shows the customer that there are solicitors not only prepared to offer legal advice in this area but that several take it very seriously and can offer specialist advice.
"This show of dedication to equity release will be the first of many initiatives that will help to demystify the market and put equity release where it should be, a viable option to be considered alongside all other options in retirement planning.”
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