Safe Home Income Plans says from August 1 2007 its members will no longer accept business from advisers who do not hold a suitable lifetime mortgages qualification.
This resolution from the UK equity release industry body means that all advisers will have to sit the lifetime mortgages examination offered by the Chartered Institute of Insurers, The Chartered Institute of Bankers (through its educational wing the Institute of Financial Services) or the equivalent bodies in Scotland in order to work with any of its members.
Since the launch of the Institute of Financial Services Certificate in Lifetime Mortgages last year, 2000 advisers have already registered for the course.
It is hoped, that with SHIP members making such qualifications requisite for working with them, that even more advisers will be encouraged to take specialist examinations for equity release.
In addition, SHIP has also announced the introduction of an equity release checklist for advisers selling equity release.
This checklist can be used as an aide m謯ire by advisers to ensure that they have covered all the appropriate areas when selling equity release products to clients such as alternatives to equity release, consultation with families and impact on benefits and estate.