In April 2007, following sector regulation, SHIP revealed that home reversion advisers were to ensure they had all the necessary qualifications in place by April 2008 in order to continue to conduct business with its member firms.
The body has now issued a reminder to make sure that these qualifications have already been achieved, or will be complete by the deadline, alongside the need to have sufficient Professional Indemnity cover in place.
Advisers must also ensure that they have applied to the FSA for their Variation of Permissions, which will enable them to offer home reversions.
Andrea Rozario, SHIP director-general said that the measures had been implemented to ensure high standards across the whole equity release market.
“With the April deadline fast approaching, we urge advisers to ensure they are fully prepared to advise on home reversions and take advantage of the advisory opportunities presented by the growing equity release market."
