Equity release lender more 2 life has launched a commission payment process that will enable commission to be paid to advisers within seven days.
It said the process is faster than any other lender in the equity release market. Commission will be paid from a completed loan.
For cases completed on a Monday, Tuesday or Wednesday, advisers will receive payment by the following Monday. Cases completed any later in the week will receive payment by the following Wednesday.
The lender said this development was part of its plans to encourage advisers to enter the equity release market.
It followed the launch of more 2 life's ‘learning lab', an online resource centre aimed at educating advisers on equity release. This included offering Chartered Insurance Institute-accredited webinars.
Managing director Dave Harris (pictured) said: "While the equity release market continues to grow rapidly, this would not be possible without advisers and the vital role they play in the industry.
"We want to make sure that advisers feel truly valued, and have therefore invested in modern technology to allow them to be paid for their work in days, rather than weeks."
Meanwhile, the Financial Conduct Authority (FCA) backtracked on its plans to introduce a stand-alone equity release qualification for advisers.
The FCA concluded from responses to its September consultation, where it initially floated the idea, there was no "market need for a change to the appropriate qualification for equity release".
It had considered the overhaul to create better access to financial advice amid the growing market.
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