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Review of the FCA’s appropriate qualification exam standards - consultation

Last updated: 16 Sep 2016

Consulting body:
Financial Conduct Authority
Period of consultation:
Runs from 15 September 2016 to 13 December 2016
CML action:
Response submitted

The FCA issued a consultation on whether they should update the appropriate exam standards for qualifications listed in the Training and Competence sourcebook and introduce a standalone equity release qualification. 

Our initial view was that the creation of a separate qualification for equity release products could be counter-productive, creating further advice silos which may not benefit consumers. 

CML response

We welcome the review of qualification standards, but we have concerns that a standalone equity release qualification could create advice “silos” when older borrowers need a more holistic approach to retirement advice.

Download the full CML response to this consultation below.