Search
My adviser assures me he is qualified in equity release: what should I be looking for?
Giving advice on equity release products (lifetime mortgages or home reversions) is a “regulated activity” – which means that those who give such advice must be authorised and regulated by the Financial Conduct Authority (FCA) and abide by its rules. The FCA requires all equity release advisers to have an appropriate professional qualification and it sets out a list of approved qualifications in the “Training & Competence” chapter of its Handbook of rules. You can find the full list of approved qualification here but the main ones to look out for are:
- CeRER (Certificate in Regulated Equity Release) – awarded by the Institute of Financial Services (IFS) (relevant webpage is here).
- CER (Certificate in Equity Release) – awarded by the Chartered Insurance Institute (CII) (relevant webpage is here).
- ERMAPC (Equity Release Mortgage Advice & Practice Certificate) – awarded by the Chartered Institute of Bankers in Scotland. The ERMAPC was discontinued a few years ago but may still be held by some advisers. The CIOBS’s general qualification for mortgages is its Mortgage Advice & Practice Certificate (relevant webpage is here).