Exams to be compulsory for equity release

From 1 August onwards advisers who have not passed an appropriate lifetime mortgage exam will not be able deal with SHIP members, which represents 90% of the equity release industry. Earlier this year the FSA began regulating home reversion and lifetime mortgage schemes. SHIP was formed to reassure customers that they were buying an equity release plan from a reputable and self-regulated provider. Nowich Union has welcomed the move and head of marketing, Paul Stokes, says: “The fact that all intermediaries must now have passed these compulsory examinations in order to continue to do busi...