Terms of Business
Welcome to Equity Release Works
We are a firm of specialist advisers who can help you to explore equity release, consider the alternatives and advise you on whether it’s right for you.
We are 100% independent, which means we are re not tied to any lender so can search the whole market to get you the best plan.
These are the terms on which we shall supply our equity release services to you. This is an essential document upon which we intend to rely, so for your own benefit and protection you should read these terms carefully before using our services. If you do not understand any point please ask for clarification via phone or email. Please keep this and any other documents provided by us in a safe place.
1.0 Our services
Equity Release Works is able to act on your behalf in advising you and arranging lifetime mortgages.
Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.
We will confirm our recommendations to you in a Suitability Report along with details of any special risks associated with the plan recommended. Once an Offer Letter has been produced you have seven days period of reflection and consideration.
1.1 Permitted users of the services
The Services are only available to UK residents for their own personal use. Customers must also own the property to be eligible for equity release and be 55 years of age or over.
1.2 Our ethical policy
We are committed to providing the highest standard of advice and service possible. The interest of our customers is paramount and we’ve developed our company to place you at the heart of our business. In doing so, we will:
- Be open, honest and transparent in the way we deal with you.
- Not place our business interests above yours.
- Communicate clearly, promptly and without jargon.
- Seek your views and perception of our dealings with you, to ensure it meets your expectations.
- Continually identify any service improvements we can make.
1.3 Treating Customers Fairly
We are committed to treating our customers fairly and are pleased to support the Financial Conduct Authority initiative ‘Treating Customers Fairly’. We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspects of our dealings with you.
We reserve the right to decline to undertake any service at our discretion.
To proceed with our advice and recommendations, we prefer our customers to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing. Confirmation by email is acceptable; however, text confirmation is not an acceptable method of confirmation.
2.0 Regulatory statement
Equity Release Works is a trading style of Pension Works Limited (company number 09775967), which is authorised and regulated by the Financial Conduct Authority (FCA) and we are bound by its rules.
Pension Works Limited FCA firm reference number is 739922 and further details can be obtained by visiting the Financial Conduct Authority website www.fca.org.uk/register.
3.0 How we are remunerated
We charge a fee of £995 for our services, which becomes payable only upon completion.
We will also receive a Procuration Fee (typically between 1% and 2.5% of the loan amount) from the provider. Details of these can be found in the Key Facts document that you will be provided with at the time of your recommendation.
3.1 Refund of fees
We do not offer a refund of fees, as we only charge you upon completion.
Under current legislation, our services are primarily exempt from VAT. We will notify you before conducting any work should VAT be applicable.
4.0 What to do if you have a complaint
We pride ourselves on our service and conduct with our customers. In the unlikely event that we have not met your expectations, please email firstname.lastname@example.org or write to The Compliance Manager, Equity Release Works, Booths Park 5, Chelford Road, Knutsford, Cheshire, WA16 8GS
A summary of our internal complaints handling procedures for the reasonable and prompt handling in the unlikely event of a complaint is available on request. We agree to acknowledge your complaint within five working days and continue to process your complaint according to our complaints’ procedure and the FCA rules. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.
4.1 Compensation scheme
If you make a complaint and we are unable to meet our obligations, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS), who can pay out up to £85,000. Further information about the limits applicable to the different product types is available at www.fscs.org.uk/what-we-cover/products.
5.0 Information provided by you
It is your responsibility to provide complete and accurate information to us, or any lender, at every stage of the relationship. It is important that you ensure all statements that you make to us or any lender, are true and accurate and that you fully disclose all material information when requested to do so.
If you fail to disclose any material information to us or to any lender, this could invalidate your lifetime mortgage agreement. We cannot be held responsible for your failing to disclose relevant information when requested to do so.
5.1 Data protection
Equity Release Works adheres to all GDPR directives regarding protecting your data. If you wish to view our full data protection policy; please visit our website www.equityreleaseworks.co.uk/privacy-policy or email email@example.com to request a copy.
5.2 Customer verification
We are required to verify the identity of our customers and use electronic identity verification systems to conduct these checks. Where this is not possible we will request photographic proof of identify, such as a passport or driving licence card.
5.3 Call recording
We record every call both inbound and outbound for compliance, training, monitoring and development purposes.
6.0 Other things you need to know
6.1 Conflicts of interest
We are always determined to treat our customers with honesty and integrity. We have a policy in place to ensure that we continually identify and handle any conflicts of interest that may arise fairly.
This agreement is governed and shall be construed in accordance with the relevant Laws of England, Wales, Scotland and Northern Ireland and the parties shall submit to the exclusive jurisdiction of the relevant Courts.
6.3 Force majeure
Equity Release Works shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
6.4 Anti-money laundering
We adhere to all applicable UK legislation, including the anti-money laundering regulations.
6.5 Your money
Equity Release Works will not handle or hold your money during our service. Instead, money will be transferred directly between your mortgage lender and your bank for added security. We cannot accept any payment unless it is in respect of an item invoiced by Equity Release Works.
Our authority to act on your behalf in accordance with these Terms of Business can be terminated at any time by either side in writing, without prior notice and without penalty. This will be effective from the date the notification is received. However, if transactions already initiated remain outstanding, the notification will only take effect once these have been completed.