How to Choose an Equity Release Adviser

Why it matters

Equity release is one of the most significant financial decisions many homeowners will ever make. The product you take — including its interest rate, early repayment charge structure, drawdown flexibility, and portability — will affect your finances, your estate, and your options for the rest of your life.

The Financial Ombudsman Service (FOS) receives complaints about equity release advice every year. The most common issues involve advisers who failed to explore alternatives, did not check benefit entitlements, or recommended a product that was not well matched to the client's needs.

Choosing a good adviser — and asking the right questions before you commit to working with them — significantly reduces the risk of a poor outcome.

FCA authorisation: the baseline requirement

Every adviser who gives equity release advice in the UK must be authorised by the Financial Conduct Authority (FCA) and hold the specific permissions required for home finance including lifetime mortgages. This is a legal requirement — not optional.

You can verify any adviser on the FCA register at register.fca.org.uk. Search by the adviser's name or the firm's name. Under "permissions," look for "advising on regulated mortgage contracts" and specifically permissions covering "home finance products including equity release."

If an adviser cannot be found on the FCA register, or their permissions do not cover equity release, do not proceed with them regardless of any other recommendation.

Whole-of-market vs restricted advice

This distinction is critical and often not explained clearly by advisers unless you ask directly.

A whole-of-market adviser can recommend any Equity Release Council-approved product from any lender in the market. Their recommendation is drawn from the full range of available products, and they are not tied to any particular lender or panel.

A restricted adviser can only recommend products from a specific panel of lenders — which may be as few as two or three. They may present their offering as comprehensive, but if the best product for your circumstances is not on their panel, you will not be offered it.

Ask explicitly: "Are you whole-of-market for equity release?" A yes or no answer is appropriate. If the adviser hedges or becomes vague, ask again more directly. The FCA requires advisers to be clear about the scope of their service.

Equity Release Council membership

The Equity Release Council (ERC) is the industry trade body that sets consumer protection standards for equity release above the FCA's regulatory minimum. ERC member advisers commit to the Council's Standards and Consumer Charter, which include obligations around advice quality, transparency, and ongoing service.

ERC membership is voluntary — not all qualified advisers are members. But membership signals a commitment to higher standards and gives you access to the ERC's Consumer Charter protections.

You can check whether an adviser or firm is an ERC member on the Equity Release Council's website. Ask the adviser directly: "Are you a member of the Equity Release Council?"

For more on what ERC membership means in practice, see what is the Equity Release Council.

Adviser fees vs commission

Equity release advisers are paid in one of three ways: a direct fee charged to you, commission paid by the lender when the product completes, or a combination of both. Neither model is inherently better or worse — but transparency is essential.

Advisers who charge a fee typically charge between £895 and £1,495. Some charge only on completion; others charge a fee regardless of whether you proceed. Make sure you understand the fee arrangement before agreeing to anything.

Advisers who work on commission receive payment from the lender. This does not mean their advice is biased — FCA rules require advisers to recommend the most suitable product regardless of how they are paid — but understanding the commercial arrangement helps you assess any potential conflicts of interest.

Ask: "How are you paid? Is there a fee to me? Is there a lender commission? Are both?" A good adviser will answer this openly and without discomfort.

Questions to ask a potential adviser

Before committing to work with any adviser, consider asking these questions in your initial conversation:

• Are you whole-of-market for equity release advice?
• How many lenders and products do you have access to?
• Are you a member of the Equity Release Council?
• How are you paid — fee, commission, or both?
• Will you provide a written suitability report with your recommendation?
• Will you check my benefits entitlement as part of the advice process?
• Will you explore alternatives to equity release with me?
• How many equity release cases do you advise on each year?

The responses to these questions will tell you a great deal about the quality and transparency of the adviser's service before you invest significant time in the advice process.

The FCA's focus on later-life lending standards in 2026

The FCA has commenced a formal Later Life Mortgages Market Study, which is examining how advice is delivered in this sector and whether consumers are consistently receiving good outcomes. The direction of regulatory travel is towards higher standards, better-trained advisers, and clearer accountability for advice quality.

This means the baseline for what constitutes acceptable advice is rising. An adviser who is already operating to high standards — whole-of-market, ERC-member, transparent on fees, thorough on fact-finding — is already ahead of where minimum requirements are heading.

For the full step-by-step overview of the equity release process, see the equity release process step by step.