67% of advisers are supportive of the FCA’s plans to introduce a new standalone equity release qualification, according to new research from More 2 Life.

When asked about the main benefit of this change, advisers said that it would provide them with greater background knowledge on lifetime mortgages to help meet their clients’ specific needs. Just 32% of advisers didn’t support the launch of the new qualification, with 12% saying that the current qualification was sufficient.

Stuart Wilson, channel marketing director at More 2 Life, said: “It is clear from our research that advisers support the FCA’s proposed changes to the equity release qualification. It is encouraging to see the regulatory body turn its attention to the equity release market and explore ways to enhance the current regulation and high standards within the sector.

“The duty is now with the FCA to deliver a set of proposals that will help to further grow and improve the equity release market while simultaneously ensuring they don’t dilute the professionalism of the sector or downgrade the quality expertise and advice currently available.

“More 2 Life supports any initiative that will help more advisers enter the equity release market while sustaining the quality of advice and standards of professionalism on offer. The more advisers that are able to develop specialist expertise in the retirement lending space – or at least refer clients to specialist advice firms if they don’t want to get the qualification – the more chance our market has of reaching £5bn by 2020 and beyond.”