Speaking on a panel debate at the Equity Release Council’s Equity Release Summit, chair Tom McPhail, director of public affairs at Lang Cat asked if there were any concerns about the cost of gaining equity release qualification to break advice siloes.
John Somerville, head of financial services at The London Institute of Banking and Finance (LIBF), said: “Training is cheap in this industry.”
He added: “How can you afford not to do it? The CeMAP is £600 for the whole qualification and think about what that does for your income. How much income does a mortgage adviser earn on an annual basis for a £600 qualification to outweigh that?
“And training on top of that in order to get further business is just cheap.”
Somerville said Consumer Duty was also pointing to advisers gaining additional qualifications and continually educating themselves.
He added: “It’s literally pointing at you all now to say you need to raise the standards of your education and you need to record it. Show the regulator and your consumers, what it is you’re doing to raise the standard and to provide a good money-for-value service.
“Educate yourself, do more, do more learning and seek out those training courses.”
Charlotte Allen, chief compliance and risk officer at Key Group, said being able to refer clients to suitable solutions did not mean advisers needed to be fully qualified or trained to advise on all products.
However, she added that if advisers “have that wider holistic view, then at least you know where you want to be directing someone rather than having to become an extremely complex adviser,” which she said would be “incredibly expensive and exclusive”.
