i) Undertake to treat clients with honesty,
dignity and respect at all times.
ii) The members of SAHERPA agree to provide
fair, simple and complete presentation of
iii) The benefits, obligations, variables
and limitations of the product must clearly
be set out in their literature, including
all costs which the applicant has to bear,
the position on moving, the general tax
implication, the likely impact on the estate
and the effect of changes in house values
and interest rates.
iv) Provide clear, no-cost information that
allows clients to obtain necessary
information to decide whether to proceed or not.
v) Make us of distribution and or sales
channels that are authorised Financial
Services Providers and furthermore ensure
that the individuals that represent the
distribution and or sales channels and
interact with clients will be at least "fit
and proper" according to FAIS, but also have
demonstrated product specific competence and
have been accredited as such by the product
vi) Encourage the client to discuss the
product/transaction with relevant members of
vii) Guarantee security of tenure, provided
that all terms and conditions of the specific
product have been met by the client.
viii) All product providers contractually
commit to provide a 'no negative equity' or
'non-recourse' guarantee i.e. you will never
owe more than the net realisable value of
your home, provided the terms and conditions
of the loan have been met.
ix) With the exception of home-owners
insurance as envisaged in Section 106 (1)(b)(i)
of the Narional Credit Act, and with the further
exception of property valuation and conveyancing services, not assert or imply
that any client or prospective client needs
to make use of any product or service
associated with any product supplier, or any
other company for that matter, irrespective
of whether such other company is or is not
associated with the product supplier in any
x) To the extent that there are no other
over-riding bodies or legislation, submit to
the dispute resolution and complaint
resolution facilities provided by SAHERPA
in the event of disputes or complaints
arising with clients.
xi) Require that the distribution and / or
sales channels deployed by the product
provider, and in turn the individuals that
represent the distribution and / or sales
channels and interact with clients and
prospective clients, adhere to this same
Code of Conduct, with the exception of
points vii and viii as these issues would
pertain exclusively to the product supplier.
You should let us know if our members do not
live up to this committment. Does your Home
Equity Release loan provider adhere to
SAHERPA's Code of Conduct?