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Equity release exam changes revealed

The London Institute of Banking & Finance (LIBF) has revealed full details of the changes being made to its Certificate in Regulated Equity Release (CeRER).

LIBF said it had made “fundamental changes” with the number of topics being covered increased from three to six, with new content including broader and more detailed coverage of lifetime mortgages.

Key improvements have also been made in the text in relation to vulnerable customers, powers of attorney and complaint handling.

The body said it was making the changes to best equip advisers in the broader later life lending and encourage “a joined-up approach to later life financial planning”.

Exam live 6 January

In September, Mortgage Solutions revealed that industry trade bodies had been working with the examiner to modernise the qualifications to meet the market evolution.

The Association of Mortgage Intermediaries and Equity Release Council agreed that later life lending had seen so many rapid changes it was vital to broaden the qualifications to be fit for all later life advice.

More 2 Life CEO Dave Harris also gave the updated qualifications his blessing.

The new exam can be sat from 6 January 2020 with students studying the current version of the course able to sit the exam until 5 January 2020, using the existing specimen paper as a basis.

Students who have already purchased the existing Specimen Paper A will automatically be given online access to the new specimen paper when it becomes available.

A digitally enhanced course site has also been developed which includes videos, quizzes and animations.

New course content includes recorded interviews with members of the Equity Release Council and senior figures from within the equity release market.

There are more practical examples and case studies that advisers can use in their day-to-day role.

Fundamental changes

LIBF director of corporate and professional learning Mark Heaton noted equity release products were changing rapidly, and the market was seeing growth.

“As a result, we’ve been talking to the sector to make sure that our Certificate in Regulated Equity Release remains relevant and up to date,” he said.

“We’ve made fundamental changes to the content, study text and course materials to reflect industry priorities and consumer needs.

“This updated certificate provides advisers with a solid grounding in everything they need to know about the market, products and regulations to enable them to give their customers the best advice possible – with practical examples that really help bring this to life.”

Equity Release Council chief operating officer Donna Bathgate welcomed the LIBF’s certificate overhaul as “a great step forward”.

“Today’s retirement landscape has evolved significantly with consumers facing a wide range of products and services to meet different and complex needs,” she said.

She continued: “The update will ensure that the learning materials are reflective of today’s equity release market; are case study driven and interactive.

“In doing so, LIBF has established a platform to best equip advisers in the broader later life lending sector, one that will encourage a joined-up approach to later life financial planning that considers all wealth and assets.”

Published by Mortgage Solutions

Published: 12 November 2019