Compare Retirement Limited – Terms of Business

Equity Release / Lifetime Mortgage Products
Effective as of September 2025

1. Acceptance of Terms
By requesting a quote or arranging an equity release mortgage with us, you confirm you understand and accept these Terms of Business. Please pay special attention to the Confidentiality and Data Protection, particularly the Credit Checks subsection. These terms take effect from the date you receive them and remain binding until updated. If anything is unclear or you disagree, contact us immediately.

 

2. Regulation & Compliance

• Regulator: Compare Retirement Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our registration number is 1030694. Confirm these details via the FCA’s Financial Services Register at their website, register.fca.org.uk/ or by calling 0800 111 6768
• Data Protection: We are registered with the Information Commissioner’s Office (ICO) under number ZB950827.
• Equity Release Council Membership: We are a specialist member of the Equity Release Council, committed to upholding industry Product Standards such as No Negative Equity Guarantee, Tenure for Life, Right to Move, Fixed/Capped Interest, and Overpayment Options.
• Calls: May be monitored, recorded and/or transcribed for quality and training purposes.

 

3. Our Service
We exclusively offer equity release products (lifetime mortgages) and do not offer home reversion plans. We assess your circumstances against a panel of providers to recommend the most suitable options. You may request the list of providers we work with. We will provide a personal recommendation after assessing your needs and circumstances.

Message from the Financial Conduct Authority: Think carefully about this information before deciding whether you want to go ahead. If you are at all unsure about which equity release transaction is right for you, you should ask your adviser to make a personalised recommendation.

 

4. FCA & Council Guidance
As required by the FCA and the Equity Release Council:

• Advice must be given on a suitable, personal recommendation basis only—we do not offer execution-only services.
• You will be provided with a Key Facts Illustration (KFI) and a formal offer document, which must include statements such as you are not bound until you’ve signed the legal charge and funds have been released.
• You must receive independent legal advice—typically from a qualified solicitor—to ensure understanding and voluntariness of your decision.
• Advice must consider your:
• Current and future income and expenditure,
• Impact on inheritance, benefits, tax, and moving intentions,
• Suitability compared to alternatives (e.g., selling assets, downsizing, renting a room).

 

5. Policy Fees & Charges

• Initial advice and illustration: Free and without obligation.
• Advice fee: Up to £1,195, payable upon plan completion.
• We also receive commission from the lender.
• The KFI will detail all product-related lender or provider fees, plus commission.

 

6. Your Disclosure Obligations
Providing complete and accurate information is your responsibility. If details are missing, we may be unable to offer suitable recommendations.

7. Confidentiality & Data Protection

• We treat all personal and sensitive data as confidential and hold them under the assumption they're accurate unless notified otherwise.
• Calls may be recorded and/or transcribed for security, quality, and training.
• We comply with the Data Protection Act 2018.
• Collected data includes—among others—your name, address, date of birth, contact details, and health information. This data supports our quote and arrangement services, as well as any future communications.
• With your consent (or mutual interest), we may use your data to inform you about other services; you may opt out anytime.
• We do not share your data with third parties, except:
• Mortgage providers,
• Our compliance auditor (UKGI Limited),
• Regulatory authorities when required by law.
• You have the right to access, correct, delete, or restrict processing of your data, object to processing, and request copies—see our Privacy Policy or contact our Data Privacy Representative for more.

 

8. Credit Checks
Other parties involved may use credit reference agencies and other sources to tailor pricing and prevent fraud. Any search will appear on your credit file regardless of the outcome. We may also report your payment record to credit agencies.

 

9. Complaints Procedure
It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please contact us by writing to: Complaints Officer, Compare Retirement Limited, 25–29 Sandy Way, Yeadon, Leeds, LS19 7EW or email complaints@compareretirement.co.uk. A summary of our procedures is available on request. If unresolved, you may escalate to the Financial Ombudsman Service (FOS) (see eligibility criteria), or visit their website, www.financial-ombudsman.org.uk or contact them on 0800 023 4567 or 0300 123 9123 (from a mobile).

Access to the FOS is available for complainants coming within one of the following categories at the time we receive their complaint:

• Consumers (private individuals acting for purposes which are wholly or mainly outside that individual's trade, business, craft, or profession)
• Micro Enterprises (Businesses employing fewer than 10 persons and with a turnover or annual balance sheet total not exceeding €2 million)
• Other small businesses (with an annual turnover of below £6.5m and less than 50 employees or with an annual balance sheet total of below £5million
• Charities with an annual income of under £6.5 million
• Trustees of a trust with a net asset value of under £5 million

 

10. Financial Services Compensation Scheme (FSCS)
We are covered under FSCS for advising and arranging equity release mortgages. You may be eligible for compensation up to £85,000, depending on circumstances and type of claim. More info is available on the FSCS website, www.fscs.org.uk or via their helpline on 0800 678 1100 or 020 7741 4100.

 

11. Cancellation Rights & Exit Conditions

• Before completion: You may withdraw at any time, though costs incurred up to that point may still apply. We will advise you if this is the case.
• After completion: You may cancel the plan subject to its specific terms, which may include early repayment charges or other costs.

• In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days’ notice. Valid reasons may include non-payment of fees, failure to provide requested documentation or information, deliberate failure to comply with terms set out within the Terms of Business or mortgage providers documentation, deliberate misrepresentation or non-disclosure or attempted fraud, use of threatening or abusive behaviour or language, or intimidation or bullying of our staff or suppliers.

 

12. Additional Costs & Taxes
Other expenses or taxes may apply to the services or products that we do not impose.

 

13. Conflicts of Interest
Any potential conflicts—arising from us, our clients, or providers—will be disclosed and your consent sought. We will also detail how fair treatment is assured.

 

14. Governing Law
These Terms are governed by the laws of England and Wales. Disputes are subject to the non‑exclusive jurisdiction of the English Courts.