SHIP (Safe Home Income Pans), 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 (Cll) and IFS: School of Finance, SHIP research shows that sience April 2005 6,019 indviduals have taken and passed the lifetime mortgages examination, and of these indviduals 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 thses 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.”