Square 4 has become the latest member to join the Equity Release Council (ERC).

The financial services consultancy and operations firm said its addition to the Council’s network underscores its "commitment to excellence", as acknowledged by the International Compliance Association.

The firm has supported several companies to navigate regulatory and compliance challenges, following the implementation of Consumer Duty last year by the Financial Conduct Authority (FCA).

As a result of this regulatory change, Square 4 has created its Consumer Duty board report guide, which is designed to help firms ensure all regulatory expectations, rules and best practices are effectively considered, evidenced and approved. This allows firms to not only comply with regulations but show they are committed to improving customers outcomes.

The latest data published by the ERC shows that total lending increased by 15% in Q2 to £577m and new customers increased by 12% as "customer confidence returns to the market".

Membership to the ERC includes all active lifetime mortgage providers across the UK, Ireland and Canada, among more than 750 member firms which also encompass financial advisers, solicitors, surveyors and other professionals.

Chief executive officer at the ERC, Jim Boyd, said: "As the newest member of the ERC, Square 4 joins a number of consultancies that are committed to upholding the highest standards within the later life sector. Its decision to join the Council demonstrates the opportunity and continued evolution of the equity release sector that embraces innovation to deliver the best outcomes for customers.

"With a rapidly ageing society and significant levels of property wealth, later life mortgages can provide a path to a more comfortable retirement for homeowners via the untapped potential of housing equity."

Managing director at Square 4, Matthew Drage, added: "Joining the ERC marks an exciting step for us as an organisation. While our core focus remains on supporting businesses to grow and thrive across the evolving spectrum of conduct, financial crime, and operational risk, we are eager to contribute to the important work of the Council."

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