The decision comes following the FSA’s equity release mystery shopping exercise, which highlighted the need for specialist knowledge and has resulted in a significant increase in companies looking to outsource their equity release service to IRS.
IRS is looking for advisers who are empathetic, strong on consultative skills and able to explain complex financial concepts in a simple but positive and comprehensive manner.
The advisers need to be FPC qualified but do not necessarily need previous equity release experience as they will be placed on a six month training programme that combines both classroom and in environment training. All advisers are also required to hold the Certificate in Lifetime Mortgages or equivalent prior to being able to provide advice.
Frank McCann, head of business development at In Retirement Services, commented: “We have always insisted that equity release advice is very specialised, not least because of the customers’ age and the long term commitment that they are making. This is why we insist every customer receives a minimum of three face-to-face meetings. The meetings will ideally include friends, family or legal advisers and the customers can change their mind, without penalty, at any point up to the plan completion, a process that usually takes two months.”
