Safe Home Income Plans (SHIP) has produced a qualification requirements table for intermediaries, reports Mortgage Solutions (17/3/2008).
The table, which is available on SHIP's website, lists the examinations needed to submit lifetime mortgages and home reversion plan business to SHIP's product provider members from 6 April.
Andrea Rozario, director general of SHIP, said the table had been produced to clear up any potential misunderstandings ahead of its deadline for advisers to pass their top-up exams. She said: "Confusion about the compulsory examinations needed by advisers for each aspect of equity release might have arisen as a result of Lifetime Mortgages and Home Reversions being regulated at different times."
Simon Smith, IFA at Independent Retirement Strategies, said a clarification of examinations would clear up any questions from brokers. He said: "Brokers need to know what they can and cannot advise on."
David Wright, managing director of provider Sixty Plus, said the table looked like a concerted effort by providers and bodies in equity release to provide more information to the market. He added: "Moves like this should increase trust and take up of equity release."
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