Exams to be compulsory for equity release

clock

Intermediaries wishing to do equity release business with Safe Home Income Plans (SHIP) members will need to pass a compulsory exam first, it was confirmed today.

From 1 August onwards advisers who have not passed an appropriate lifetime mortgage exam will not be able deal with SHIP members, which represents 90% of the equity release industry. Earlier this year the FSA began regulating home reversion and lifetime mortgage schemes. SHIP was formed to reassure customers that they were buying an equity release plan from a reputable and self-regulated provider. Nowich Union has welcomed the move and head of marketing, Paul Stokes, says: “The fact that all intermediaries must now have passed these compulsory examinations in order to continue to do busi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read