Headlines 2007 News - ifs School of Finance Highlights Need for Regulatory Qualifications in Equity Release
The ifs School of Finance, the leading provider of qualifications to the financial services industry, has highlighted the fact that a new regulatory regime in the area of Equity Release comes into force today (6 April 2007).
The Financial Services Authority (FSA) has introduced new protections in the housing market including a requirement that anyone giving advice to consumers in this area must be appropriately qualified.
Mark Roberts, Head of Faculty for Financial Regulation stated:
"Our new Certificate in Regulated Equity Release (CeRER), which meets all the new regulatory requirements, will help ensure firms offering or advising on Equity Release products are giving consumers clear, concise and consistent information about services and products on offer (including appropriate risk warnings) so they can make informed choices.
To pass the CeRER qualification advisers must be able to demonstrate that they fully understand the need for consumers to only be sold suitable products which take account of their circumstances and needs."
Dan Waters, FSA Director of Retail Policy, said:
"Regulation of these products represents an important step in the regulation of housing finance. It allows the FSA to deliver a level playing field by extending consumer protection over the equity release market. We are also working to promote wider public understanding of these products as part of our consumer education objective."
More information about the Certificate in Regulated Equity Release (CeRER) can be found at www.ifslearning.ac.uk
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