IFS Level 3 Certificate in Regulated Equity Release
Qualification summary
The Certificate in Regulated Equity Release (CeRER) has been developed to meet the requirement for an appropriate examination to have been passed by those involved in providing advice on Equity Release. This regulatory requirement, will be introduced on 6 APRIL 2007. In light of this change a revised standard had been developed by the Financial Services Skills Council based upon which the CeRER has been developed.
The CeRER has similar structure, format and purpose to its predecessor the Certificate in Lifetime Mortgages which was accredited to meet the relevant regulatory requirements that were in place prior to their widening to include home reversion. The CeRER will replace the CeLTM which will need to be withdrawn when the new regulatory requirement becomes current.
The change to the CeLTM to produce the CeRER also reflects the further amendment to the standard for those advising on morgages in general - including home reversion. This change, which is to be introduced simultaneously with the home reversion requirement in APRIL 2007, withdraws the requirement for mortgage advisers to take an examination based upon Standard ApEX2.
The changes that are prososed for the CeRER are, in summary:
- the title of the CeLTM to be changed to the Certificate in Regulated Equity Release to reflect the wider scope of the content that has had to be introduced.
- the module CeFA2 - Investments and Risks, examined in the CeLTM, no longer to be examined in the CeRER in response to the removal of the need for students to pass an examination appropriate to ApEX2
- units in the current Lifetime Mortgages module in the CeLTM to be amended to cover regulated equity release business
- module and module unit titles to be amended to reflect new content.
These amendments to requirements take effect on 6 APRIL 2007. Until that date the CeLTM, as currently in the NQF, remains available and unchanged.
Qualification details
VRQ - Vocationally-Related Qualification
Accreditation start date:
Operational start date in centres:
The structure of the CeRER is such that it will be a cohesive qualification in its own right, and also builds upon other relevant learning and qualification attainment and opens pathways to further attainment.
The CeRER incorporates and builds upon the Level 3 Certificate in Mortgage Advice and Practice. The attainment of the CeRER requires a pass to be obtained in CeMAP plus the module in Equity Release. Attainment of these will allow students to provide advice on Equity Release to consumers.
The CeRER will also allow students to progress to and will contribute towards the attainment of the Advanced CeMAP.
Bank Manager
Bank/Building Society Customer Adviser
Building Society Manager
Financial Adviser/Planner
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15 Business, Administration and Law
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15.1
Accounting and Finance
E-assessment
Multiple Choice Examination
All CeRER examinations use an on-demand objective testing methodology delivered electronically on-line to examination centres across the UK. Independent assessment will apply to all units in the CeRER. Different test structures are applied depending on the objectives of the unit assessments that comprise the CeRER so that:
1 hour, 50 MCQ assessments are used for units Introduction to the financial services environment & products, UK financial services and regulation, and Fundamentals of Equity Release
30minute, 25 MCQ assessments are used for units Mortgage law, policy, practice and markets, Mortgage applications, Mortgage payment methods and products and Mortgage arrears and post completion issues
1 hour assessment, 3 case study each with 10 MCQs, is used for the unit Equity Release Solutions.
The flexibility of the CeRER assessment allows students to work at their own pace and take the examination when they feel ready, rather than having to fit their learning around arbitrary examination dates. Students may choose when and where to be assessed at their own convenience. At their first attempt, students are to be required to sit examinations based upon the complete module of learning i.e. examinations covering more than one assessment unit. Results will however be issued for each assessment unit; and students will receive their examination results for each assessment unit before leaving the examination centre. Students will only need to resit assessment units that they have previously failed. The ifs places no limit on the number of attempts allowed at each assessment unit in order to gain the overall qualification of CeRER.The assessment methodology allows the ifs to accommodate students with special assessment needs through various means in line with its policy on special arrangements which conforms to QCA guidance.
All units within the CeRER are compulsory.
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R/500/5898 - Equity Release Solutions
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L/500/5897 - Fundamentals of Equity Release
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R/102/4491 - Introduction to the financial services environment and products
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Y/102/4492 - UK financial services and regulation
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D/102/4493 - Mortgage law, policy, practice and markets
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H/102/4494 - Mortgage applications
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K/102/4495 - Mortgage payment methods and products
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M/102/4496 - Mortgage arrears and post-completion issues