Lifetime mortgage advice on the up reveals IFAP (Trade)
- More than 1 in 5 member IFAs now list equity release as an area of specialism
- Over 13,000 consumer searches via IFAP 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 IFAP, the organisation promoting the benefits of independent financial advice, reveal that almost 2,000 of its IFA members now list lifetime mortgages as an area of specialism within their business. 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.
In the last year there has been a huge increase in the number of IFAs who have been awarded incremental qualifications / designations in lifetime mortgage advice. To give advice on lifetime mortgages IFAs must have a relevant qualification, such as CF7. There has been a huge rise in popularity of these specialist qualifications (over 90% increase in those holding a qualification in 2006) as more and more IFAs realise that consumers are considering these products and want independent advice first.
Equity release is now consistently one of the top 10 most popular product areas that consumers are searching for on unbiased.co.uk. In the last year alone, over 13,000 people used the search criteria to find a local IFA who genuinely offers 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 IFA Promotion 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.
“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 Barrett | Laura Wood/Jonathon Grove |
Marketing Director | Lansons Communications |
Unbiased.co.uk | 020 7294 3689 / 020 7294 3653 |
020 7833 3131 |
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For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online at www.unbiased.co.uk/media
1. Independent Financial Adviser Promotion
IFA Promotion, is 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