From August 2007, Safe Home Income Plans (SHIP), which claims to represent more than 90% of the equity release sector, will no longer accept business from advisers who do not hold a suitable lifetime mortgages qualification. The decision means that all advisers would have to sit the lifetime mortgages exam offered by the Chartered Institute of Insurers, the Chartered Institute of Bankers or equivalent bodies in Scotland.
SHIP have also produced an equity release checklist, covering 10 points that advisers should consider when assessing a clients' suitability for equity release, as the body wants to ensure that standards of advice are improved and consumer confidence in the industry is raised.
Our view
All 's financial advisers already have the required qualification.
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