Safe Home Income Plans (SHIP) has launched a group to consider the impact fraud has on equity release, and to offer further protection to consumers.
The trade body has established the Fraud Working Group to bring together SHIP members, advisors and solicitors to combat fraud and create good practice guidelines to raise standards.
This comes ahead of the trade body's re-launch as a new organisation to represent the entire equity release industry in the next few weeks.
Their aims will be to assist with the early identifications of organisations involved in suspicious activity, the establishment of new communication channels and to support initiatives to prevent fraud in the sector.
Andrea Rozario, director general of SHIP, said:
"Ahead of our re-launch we are opening up membership to the whole industry and the Fraud Working Group is the first example of professionals from across the industry coming together and working for the industry as a whole.
"This will help improve standards and create one central point of contact, so people can get in touch with the whole industry easily. The Fraud Working Group will enable us to start capitalize and have to provide more cohesive guide to consumers.
"We believe the market will grow and that we need to put the foundations for that in place now. This is a proactive step and the first example of what a cross industry body will achieve."
SHIP's official launch takes place on the 28 May.