ifs and Just Retirement launch equity release exam
The package allows advisers to take the Certificate in Lifetime Mortgages (CeLM) exam for £75, rather than the full £120, with study materials, half-day exam preparation and lunch provided at one of five venues across the country. The exams all take place on Thursday 20 July.
The decision to offer this route to qualification has come as the Financial Services Authority (FSA) prepares to publish its findings on the quality of advice being given in the sector. Lifetime mortgage products and the advice provided have attracted criticism since the introduction of regulation and further scrutiny of advice standards is anticipated.
James Cotton, mortgage specialist at London & Country, said anything that sought to educate brokers in newer sectors was to be applauded. “This will be attractive as long as it’s thorough enough. I think advisers might shy away from equity release because they’re not confident talking about it to people, so it’s good to get more education. It’s an industry that’s going to grow and we need to accept that and make sure that the people advising have the knowledge to back it up. The criticism of the past is a reason to get more knowledge.”
Mark Roberts, head of faculty financial regulation at ifs, said: “It is great to see Just Retirement taking responsibility for raising professional standards in this potentially sensitive area of financial services. The Certificate of Lifetime Mortgages provides essential knowledge for those advising on equity release products.”
Mike Fuller, chief executive at Just Retirement, said: “We are committed to raising awareness of the issues of equity release among financial advisers and supporting advisers in offering a high quality service to their clients.”