Working with the Chartered Insurance Institute (CII) and ifs School of Finance, SHIP research showed that 723 people had taken and passed lifetime mortgages exams since February 2007. This takes the total number of those who have passed to 6,742.
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SHIP has called on more IFAs to qualify before the 1 August deadline, when SHIP members will no longer accept business from advisers who have not passed the appropriate lifetime mortgage exams.
It added that SHIP would also require advisers to hold home reversion qualifications from 6 April 2008, following the regulation of the schemes.
Jon King, chief executive at SHIP, commented: “It is encouraging to see the increasing number of advisers who have taken the time to study for and pass the lifetime mortgage exam.
“SHIP’s decision to make home reversion exams compulsory was taken as a further attempt to continue to improve standards in equity release advice available to consumers. With many exam options available we urge more intermediaries to register.”
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Simon Little, senior product manager for GE Life, said: “I’d encourage all advisers who are looking to enter this area to sit the joint lifetime and home reversion exam, so they are able to advise on both products going forward. Many people are starting to appreciate that 1 August is not long away, so my message would be don’t leave it too late. It typically takes three to four months to go through all the work and pass the exam.”
