SOLLA has developed a Code of Practice for those who hold the Later Life Lending Advice Standard to follow so that their clients can be clear about what to expect of the service provided.

It is a set of ethical principles that operate for the benefit of clients and demonstrates the commitment of the Later Life Lending Adviser to a high level of client service. It recognises that, as a holder of this standard the Later Life Lending Adviser should adhere to the following principles:

Relationship with clients

Advisers should:

Conduct their business with the utmost good faith and integrity, dignity, and respect, being mindful of the well-being of their clients at all times.

Respect and maintain client confidentiality at all times.

Use a plain English policy and communicate in clear and easy to understand language, avoiding financial terminology wherever possible.

Where English is not the first language of the client it may be necessary to invite the client to engage a person, they trust to assist them.  Documents may have to be translated into the appropriate language, or the client referred to an adviser fluent in the customer’s first language.

Where financial terminology must be used, the adviser must ensure that the client’s understanding.

Be are aware and consider potential limitations, including hearing and visual difficulties and communicating with the most appropriate communication method.

Advisers must provide clear transparent details of their charges to the client and ensure the client is aware of them and agrees to them. These must be confirmed in writing to the client.

The adviser’s duty of care requires they deal promptly with all equity release related advice or refer to another SOLLA member when unauthorised to provide an area of advice.

The member firm should operate their own complaints procedure and details of this must be made available to their client.

Relationship with the public

Statements made by or on behalf of the Later Life Lending Adviser in any published form whether temporary or permanent shall not be misleading. Any advertising or promotional material must not suggest the Later Life Lending Adviser is an Accredited Member of the Society unless the said adviser also holds the Later Life Adviser Accreditation (LLAA) and is listed as a Full Member on the SOLLA site.

Specifically, advisers are entitled to use the Later Life Lending Advice Standard logo and provide links to the Later Life Lending Advice Standard website from their own web page(s).

Any references made to the Later Life Lending Advice Standard must relate specifically to the individual adviser and not to the wider organisation or group.

This code does not supersede, nor should it be applied in conjunction with, any other organisations, trade bodies or professional bodies own codes.

Relationship with other parties

If referred to another professional the client and / or their family must be clear who is responsible for the advice.

Relationships with other third parties shall be dealt with in a professional manner conducive to best principles. Any conflicts of interest, where they cannot be eliminated, must be disclosed to the client so they can decide whether or not to proceed.

The Later Life Lending adviser

All members must maintain their qualifications and authorisations in line with the requirements of the Financial Conduct Authority (FCA) and the Later Life Lending Advice Standard existing both at the time of the application and throughout the period that the standard is held. Advisers must evidence annually their CPD and the relevant regulatory changes to maintain their regulated status.

Professionalism

In marketing and communications advisers shall not bring SOLLA or the SOLLA Later Life Lending Advice Standard into disrepute and conduct themselves at all times in a professional manner.

Summary

It is a condition of membership that all holders of the Later Life Lending Advice Standard must agree to conduct themselves and their business in accordance with this code.

SOLLA Enterprises reserves the right to remove the use of the designation ‘Later Life Lending Advice Standard holder’ and the related use of the SOLLA Later Life Lending Advice Standard logo from any adviser who is deemed to be in breach of this Code.

‚ÄčNothing in this Code shall detract from a Later Life Lending Adviser’s duty to their client under general law or statutory regulation.