Ship urges equity release advisers to get PI

10/03/2008

Safe Home Income Plans (Ship), the equity release industry body, has reminded advisers of the importance of having professional indemnity (PI) insurance in place as they look to meet the home reversion training deadline.

Last April, Ship declared that all members should have all necessary qualifications in place by April 2008, with PI insurance also needed for home reversion advisers to be operational come April.

"With the April deadline fast approaching, we urge advisers to ensure they are fully prepared to advise on home reversions and take advantage of the advisory opportunities presented by the growing equity release market," said Andrea Rozario, Ship director-general.

Ms Rozario added that the measures are designed to ensure the highest standards possible are reached across the entire equity release market.

The need for advisers to have a home reversion qualification comes into effect from April 6th 2008, a full year after the regulation of home reversion schemes was introduced.

In addition to PI insurance, advisers must have applied to the Financial Services Authority for a Variation of Permissions.

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

(c) 2008 Adfero Ltd.

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