Mark Roberts, head of faculty financial regulation and corporate & academic relationship at the ifs School of Finance, explained the changes:
Why are changes to the ifs School of Finance qualifications in Equity Release being made?
From 6 April 2007, the sale and marketing of equity release products, including Home Reversion Plans, will be regulated by the Financial Services Authority (FSA). This statutory regulation has led us to revise our qualifications to meet these new requirements and we are therefore launching the Certificate in Equity Release (CeER®).
When can practitioners register for the Certificate in Equity Release (CeER) qualification?
Individuals can register for the Certificate in Equity Release (CeER®) from 5 March 2007.
When can students book the equity release module exam?
Students can book an examination from 5 March 2007 and sit the exam from 10 April 2007.
How much will it cost?
It will cost £130 including comprehensive learning materials and one examination sitting.
When will the materials be available for the equity release module?
Materials will be available from March 5 2007
What will the components of the CeER® be?
The CeER® qualification will comprise the following modules:
(1) CeMAP®
(2) Equity Release module
What if I have already attained a qualification for lifetime mortgages only?
A ‘top-up’ unit will be available from 10 April 2007, which enables those already holding an appropriate examination for Lifetime Mortgages to attain the revised exam standard including Home Reversions.
What date will registration open for the ‘top-up’ unit?
Again, registration will open on the 5 March 2007 but the exam can only be taken from 10 April 2007 at a cost of £70.
What materials will students receive when they book the ‘top-up’ unit?
Students who register for the ‘top-up’ unit (Unit 2) will receive the following:
• A hard copy of the full workbook
• One examination entry
• Online access to any updates for a 12-month period.
Are there any other notable changes to the qualification?
The previous lifetime mortgages examination standard required students to complete CeMAP a lifetime mortgage module plus a module on “investment and risks” that was taken from the appropriate examination standard for financial advice. After due consideration and considerable feedback from the industry the Financial Services Skills Council (FSSC) have 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 have softened their approach to reflect that attainment of this module is a “strong recommendation”, but not a requirement.
What if I am part way through studies for the existing lifetime mortgages qualification?
The ifs School of Finance has already written to all those affected by these statutory changes to outline their options, but if you are still unclear, please contact our customer service team on 01227 818609.
