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FCA proposes standalone equity release qualification

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The FCA is considering a standalone equity release qualification to give more customers access to the product, including through advisers.

The suggestion is part of a consultation on exam standards, which closes on 13 December.

The equity release qualification proposal follows discussions as part of the regulator’s work on competition in the mortgage market.

The consultation paper says: “Some stakeholders suggested that some IFAs may not be offering equity release because, before they can do so, they need to be appropriately qualified for a product (mortgages) that otherwise they have no interest in selling.”

The FCA is suggesting either a standalone equity release qualification or a way to achieve competency by topping up existing pensions or investment qualifications.

It adds: “We would like to get a better sense of the numbers of those without an appropriate mortgage qualification who would be interested in achieving the relevant appropriate qualification to sell equity release.”



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There are 3 comments at the moment, we would love to hear your opinion too.

  1. And SOLLA have a lot to answer for as to why damned good IFAs do not offer equity release.

  2. Providing it doesn’t mean those of us that are currently qualified need to take another exam. I’m rather sick of having my qualifications watered down by each new ‘initiative’.

    • I know what you mean…. CII brought out a new level 4 mortgage exam a year or so ago, so I phoned them to check about my mtge qualification as ironically mine is actually at level 4 rather than level 3 and they wouldn’t recognize it.
      Same with my banking exams from the 1980’s (so I sat their latest Retail Banking Exam to prove without studying I still knew what they were asking of people) I allso had the issue of my equitye release qualificaitons on the CII points system equaling 15 points, but as the new exam was only 10 points they wouldn’t include 5 points so to complete my CII diploma I had to pay good money to sit R05, simply to get points rather than learn anything and had a 1 hour drive each way for an exam I finished in 9 minutes 40 seconds, pressed finish, passed and went home….
      The sooner the examining bodies get real and start to make exams a test of what we know and do rather than the esoteric the better.
      Quite pleased the CII saw the light when I pointed out the examining method for J07 actually is at odds with the suggestions in the manual and whilst they haven’t changed the J07 as I suggested they changed the AF5 so it is assignment based and more like a thesis etc after a degree. Surely it is about time that all AF exams were the same as no adviser writes a report giving advice from off the top of their head, we all put together a recommendation with research undertaken in the office on an open book basis and then explain the advice face to face clarifying questions with our clients as we go where we can and afterwards where we are still unclear ourselves.

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