NUMBER OF IFAS TAKING EQUITY RELEASE EXAMS WELCOMED, BUT MORE NEEDS TO BE DONE SAYS SHIP
SHIP (Safe Home Income Plans),The UK equity release industry body, representing over 90% of the equity release sector, today welcomed the news that over 6000 people have now passed lifetime mortgage examinations and called for more IFAs to do the same before 1st August.
Working closely with the Chartered Institute of Insurers (CII) and IFS: School of Finance, SHIP research shows that since April 2005 6,019 individuals have taken and passed the lifetime mortgages examination, and of these individuals it is estimated that roughly two thirds are IFAs.
In June last year SHIP announced that from 1st August 2007 members will no longer accept any business from advisers who have not passed the appropriate lifetime mortgages exams.Therefore, it is encouraging to see that a large number of IFAs have already sat and passed the exam, and hopefully many others will do the same before the summer deadline.
Jon King, Chief Executive at SHIP commented;
“SHIP has always striven to improve standards in equity release and as a result took the decisions last year to make lifetime mortgage examinations mandatory; taking effect from August 2007.“To date, over 6000 have passed these exams but many more are required to meet the demand.We urge advisers to take advantage of the opportunity presented by equity release and the demand from consumers and start sitting exams well ahead of formal regulation”.
-ENDS-For further information, please contact:
Laura O’Connell/Fiona Chow/ Emma Bowden The Wriglesworth Consultancy Phone: 0207 845 7900
Jon King SHIP Chief Executive Phone: 02920 371725
Notes to Editors:
About SHIP:
Safe Home Income Plans (SHIP) is the UK’s leading professional body for equity release product providers, representing the interests of its 21 members who provide home income and equity release plans. It was launched in 1991 to promote safe schemes. At present, 90% of the equity release market (in volume terms) is represented by SHIP members.
SHIP’s current 21 members* are: Bradford and Bingley Ltd, Bridgewater Equity Release, Bristol and West Mortgages, Ecclesiastical Life, GE Life, Hodge Equity Release, Home & Capital Trust, In Retirement Services, Just Retirement, Key Retirement Solutions, National Counties Building Society, New Life Mortgages, Northern Rock, Norwich Union, Partnership Home Loans, Portman Building Society, Prudential, Retirement Plus, Standard Life, Stonehaven Equity Release, Stroud and Swindon Building Society.