IFAs get qualified to meet rising demand for equity release advice (Consumer)
- More than 1 in 5 member IFAs now list equity release as an area of specialism
- Over 13,000 consumer searches via Unbiased.co.uk in 2006 focused on equity release
- Visit www.unbiased.co.uk to find a local IFA who genuinely focuses on lifetime mortgage advice and holds relevant qualifications
New figures from Unbiased.co.uk, the organisation promoting the benefits of independent financial advice, reveal that almost 2,000 IFAs on its database now list lifetime mortgages as an area of specialism within their business, demonstrating the increasing demand for advice on this subject from consumers. This number has increased month on month almost constantly for the last two years and, as more people start to explore ways to supplement their pensions, this trend is likely to continue.
To give advice on lifetime mortgages, IFAs must have a relevant qualification, such as the Certificate in Lifetime Mortgage Advice (CF7) awarded by the Chartered Insurance Institute. In the last year more and more IFAs have realised that consumers are considering these products and want independent advice and as a result there has been a huge increase in the number of IFAs who have been awarded incremental qualifications / designations in lifetime mortgage advice.
Equity release is now consistently one of the top 10 most popular product areas that consumers are searching for on unbiased.co.uk. In 2006 alone, over 13,000 people used the search criteria to find a local IFA who offers genuinely independent advice on lifetime mortgages.
In fact, according to the latest figures from SHIP, the professional body for equity release product providers, the total value of new business written in Q3 2006 was 295.1 million, an increase of 12.3% on Q2 2006 (262.8 million). Year on year, the number of new cases being written has also risen strongly, from 6,446 in Q3 2005 to 6,954 in the latest figures- an increase of 7.9%.
Karen Barrett of Unbiased.co.uk comments: “In the winter months many older people have to address factors influencing their home such as heating and electricity which may result in having to review their financial situation. The possibility of releasing equity in their home could well be on the agenda along with other elements of retirement planning.
“Deciding on the right option can be a minefield and lifetime mortgages can be complicated. Therefore to help consumers understand the different options available, Unbiased.co.uk is offering consumers a free guide to equity release and urging them tospeak to an independent financial adviser before they make a decision on what products are best suited to their circumstances. By ticking the appropriate criteria on unbiased.co.uk consumers you can find local IFAs who genuinely focus on this advice area and who hold the appropriate qualifications.”
Consumers can download a free copy of the guide, together with details of local independent financial advisers who can offer advice on equity release by visiting www.unbiased.co.uk or by calling 0800 085 3250.
For further information please contact:
Karen Barratt | Laura Wood/Kate Horne |
Marketing Director | Lansons Communications |
Unbiased.co.uk | 020 7294 3689 / 020 7566 9716 |
020 7833 3131 |
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For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on 020 7294 3682 or search online at www.unbiased.co.uk/media
1. Independent Financial Adviser Promotion
Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 20,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.
IFA Promotion is sponsored by 31 leading financial institutions, and in the past 12 months, over 600,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.
IFA Promotion believes Independent financial advice should be:
- Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society. Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK. Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotion’s sponsors
Aberdeen Asset Management | Lincoln Financial Group |
Abbey | Mortgage Express |
AEGON Scottish Equitable Plc | National Savings & Investments |
Alliance Trust | NatWest Business Banking |
AXA Life | New Star Investment Funds |
Bright Grey | Norwich Union Life |
BUPA Health Services | Prudential |
Canada Life Ltd | Scottish Life |
The Children’s Mutual | Scottish Life International |
Clerical Medical Investment | Scottish Widows Plc |
Defaqto | Skandia UK Group |
Friends Provident | Standard Life Assurance Company |
GE Life | UnumProvident |
INVESCO Fund Managers Ltd | Webline Limited |
Legal & General | Zurich Intermediary Group |
London Mortgage Company |
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