Intermediaries may have to pass exams specifically on lifetime mortgages, if the Financial Services Skills Council's proposals come into effect.
The FSSC consultation document suggests mortgage brokers must pass at least three exams if they want eligibility to give advice. Apart from being tested to the equivalent of Approved Examination Module One (ApEx 1): UK financial Services regulation and ethics, and ApEX5: Mortgage Advice, the Skills Council also suggests mortgage intemediaries pass muster on lifetime mortgage advice, or ApEx6. In order to pass ApEx6, candidates will be expected to know what a lifetime mortgage is, the principles of equity release, lifetime mortage suitability as well as risks associated with such finan...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
