Anyone giving advice on Equity Release products will soon be required by law to hold an appropriate qualification. The ifs School of Finance, the leading qualifications provider for the financial services industry, has responded by launching a new unit that meets these requirements.
From 6 April 2007, the sale and marketing of Equity Release products, including Lifetime Mortgages and Home Reversion Plans, will be regulated by the Financial Services Authority (FSA).
The new ifs 'top-up' unit will cover the suitability and affordability of different types of Equity Release products, the advantages, disadvantages and potential risk to consumers associated with taking out such products, and the relative levels of risk for different consumers taking account of their individual circumstances.
Mark Roberts, Head of Faculty Financial Regulation and Corporate & Academic Relationship Management at the ifs School of Finance said,
"Our qualifications in this arena have always ensured advisers are properly trained to give advice on Equity Release products, giving consumers reassurance and protection as well as enabling advisers to confidently give knowledgeable advice.
Following the FSA announcement of regulation late last year, we were naturally keen to further develop our qualifications to ensure these new regulatory requirements were met. The new 'top-up unit' meets all these requirements and ensures practioners are able to give the best possible advice to the consumer."
As part of the changes, the ifs School of Finance will also be replacing its Certificate in Lifetime Mortgages (CeLTM®) qualification with a Certificate in Regulated Equity Release (CeRER)
Full details are available here or by calling the ifs School of Finance Customer and Student Services team on 01227 818609 or by emailing customerservices@ifslearning.ac.uk.
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