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Each Member of SEQUAL agrees it's equity release product(s) will adhere
to, and be measured against the following Code of Conduct in dealing with
Senior Australians their families and advisers. As a minimum, Members of SEQUAL
shall:
- Treat all Customers with respect and dignity
- Participate in an ASIC approved External
Dispute Resolution Scheme
- Ensure that all products carry a clear and
transparent ‘no negative equity’ or ‘non-recourse’ guarantee. That is, the
Customer(s) will never owe more than the net realisable value of their
property, provided the terms and conditions of the loan have been met
- Strongly encourage Customers(s) to discuss the
transaction with family members and to seek independent financial advice
from a qualified financial adviser
- Strongly encourage Customer (s) to discuss the
transaction with Centrelink to ensure they fully understand the impact, if
any, on their Centrelink entitlements
- Ensure that the Customer (s) obtains
independent legal advice performed by the solicitor of their choice. Prior
to the completion of the transaction, the Customer (s) or their solicitor
will be provided with full details of the benefits the Customer (s) will
receive,
and the obligations they are entering into
- Clearly and accurately identify all costs to
the Customer (s) that are associated with the transaction
- Not assert or imply to a Customer(s) that the
Customer(s) is obligated to purchase any other product or service offered
by the Member or any other company in order to enter into an equity release
product
- Provide in writing, a fair and complete
package of equity release documents, covering the benefits and obligations
of the product. This will include making available to the Customer(s) and
their advisers a tool illustrating the potential effect of future house
values, interest rates and the impact of any capitalisation of interest
where applicable
- Ensure that all contracts are written to
comply with Australian Consumer Law and the consumer protection provisions
of any other relevant Legislation, Regulation or Code and ensure
compliance, where applicable, with all Guidelines issued by SEQUAL.
Download SEQUAL Code of Conduct (pdf 251KB)
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SEQUAL Code of Conduct and SEQUAL Guidelines 
