Designed to help advisers and brokers meet the new regulatory requirements for lifetime mortgages and home reversions, the new Certificate is made up of the following exam units:
CF1 UK financial services, regulation and ethics
CF6 Mortgage advice
CF7 Lifetime mortgage activities
HR1 Home reversion plans.
New FSA rules come into force on April 6 which will require anyone advising consumers or overseeing the non-advised sales of home reversions to pass an appropriate exam. At the same time the Financial Services Skills Council (FSSC) have taken the opportunity to revisit what constitutes appropriate exam content across lifetime mortgages and home reversions.
Last month the CII announced that it had fast-tracked the development of a home reversion top-up unit for holders of its CF7 exam and has now responded to the FSSC need for a complete solution by gaining accreditation for the new Certificate. The FSSC will now add this to the Appropriate Examinations list.
Those who complete the Certificate and who are members of the CII’s Society of Mortgage professionals will be able to use the designation Certs CII (MP & ER) to demonstrate their competence to the consumer.
CII deputy director general Bob Bullivant says, “The FSA stipulate that existing advisers have two years from April 6, 2007 in which to pass the home reversion top-up. We have moved extremely quickly to develop a solution to enable advisers to meet the FSA requirements well within that period.
“Consumers deserve the best possible advice and I would encourage all advisers involved in equity release to get their knowledge up to the required levels as a matter of urgency.”
Orders for study materials and exam bookings for the new Home reversions plans exam unit can be made from 22 February. The exam will be available within the CII’s online/on demand suite of examinations at centres throughout the UK.
The Certificate in Equity Release has received accreditation at Level 3 within the QCA’s National Qualifications Framework.
