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 business with SHIP members, highlights the further safeguards that have now been put in place to ensure consumers safety. These are vitally important to continue the building of trust between advisers and customers.”
Norwich Union says that they only deal with qualified advisers but are glad that other providers will now have to follow suit.
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