"Although the number of qualified adviser gives a level of comfort, the potential lack of actual expertise in the field to service the growing demand for this product still represents an issue.
"With RIO mortgages now becoming more common place in their availability the industry needs to address the future growth in demand of later life mortgages that also needs to include better understanding and guidance from the FCA."
The news comes on the back of Canada Life’s announcement that it will run another round of its equity release exam workshops nationwide.
The workshops, which are free to attend, saw overwhelming demand when a similar series was organised last year by Canada Life, with more than 300 unqualified advisers attending fully-booked events.
As well as this, Canada Life has also announced a series of 'Setting the Standard' workshops for already-qualified IFAs to help them with a range of capabilities to make the most of their qualification.
Advisers can book their place at the workshops with Canada Life at www.canadalife.co.uk/adviser/cl-events