Lifetime Advisory Services will offer intensive training, including the lifetime examination for those brokers who do not hold the qualification. It will provide an integrated factfind and suitability report which meets the MCOB requirements and Financial Services Authority (FSA) update findings.
The service will also offer a research platform, which captures core product criteria and caters for exclusive/unique deals. Enhanced and exclusive provider terms and full end-to-end case-tracking are also available.
There is a £100 a month subscription fee for use of the services. This reduces to £75 for the second month and all subsequent advisers joining from the same firm. Training costs are determined by location and length of course; five-day courses, including the lifetime exam, cost approximately £750, while a three-day course could cost somewhere in the region of £450.
Dean Mirfin, business development director of Lifetime Advisory Services, said: “KRS has been aware for some time of the concerns of the FSA, product providers and practitioners regarding the quality of advice in the equity release sector. We have been approached in the past by leading brokers who requested help from ourselves and access to our bespoke systems.”
John King, managing director of Hodge Equity Release, welcomed the move. “The main issue facing the market is accessibility, particularly with regard to independent financial advice. There is strong demand for equity release products, and anything that serves to improve this is a good thing.”
Chase de Vere Mortgage Management is the first broker to sign up to the service. More are scheduled to join before the first training services begin in September.
