Mortgages  

Q: What are the FSA requirements?

Speaking in 2011, Andrea Rozario, director general of Ship, said anyone with a lifetime mortgage qualification from before 6 April 2007 and who wanted to also advise on home reversions needed to pass a further qualification by 6 April 2009.

In addition, anyone without a lifetime mortgage qualification from before April 2007 now has to undertake and pass the new full equity release qualification in order to advise upon lifetime mortgages and home reversions.

The FSA sets out the required Equity Release Advising and Selling Standards in MCOB Eight.

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The high level requirement is that the advice provided is suitable for the customers needs with all relevant information collected by the adviser to make a recommendation, taking into account affordability and the customer’s personal circumstances.

Further details can be found at http://fsahandbook.info/FSA/html/handbook/MCOB/8. All other FSA requirements remain the same.