The IFS School of Finance is launching a new qualification, the Certificate in Equity Release in order to meet the new regulation requirements of the Financial Services Authority.
From April 6 2007, the FSA will regulate the sale and marketing of all equity release products including home reversion plans.
Registration for the certificate will begin on March 5 2007 with the first exam scheduled for April 10.
It costs 130 to register for the certificate, which includes learning materials and one examination sitting.
Those who already hold a qualification for lifetime mortgages can complete a top-up unit from April 10, which also includes home reversions for a fee of 70.
Previously, the lifetime mortgages examination standard required students to complete a CeMAP lifetime mortgage module plus a module on investment and risks that was taken from the appropriate examination standard for financial advice.
After considering feedback from the industry, the Financial Services Skills Council has decided to not to include investments and risks as a requirement for the revised examination standard.
Instead of a requirement to take an investment and risk exam, the FSSC has softened its approach to reflect that attainment of this module is a strong recommendation, but not a requirement.