The Equity Release Council has launched six educational modules to aid the development of financial advisers in the equity release and later life lending market.

The modules provide an educational syllabus with three pathways based on advisers’ levels of experience.

The council has worked closely with specialists across the sector, including Canada Life which played a leading role in developing the six modules, which have each been piloted among advisors.

The modules cover the areas needed to advise consumers effectively: understanding the industry, market, clients, soft skills, products, and industry processes.

Equity Release Council chief operating officer Donna Bathgate says: “This competency framework will act as a guide to help firms to develop, educate and upskill advisers to meet growing consumer needs in a safe and sustainable way.

“Property wealth is increasingly part of consumers’ thinking when they make later life financial plans, so it is vital to ensure the service they receive is of a consistently high standard as the market grows.”

Canada Life Insurance head of marketing Alice Watson adds: “With property wealth playing an increasingly important role in later life funding, it’s more important than ever to ensure that we continue to deliver a high standard of advice and ensure best outcomes for clients.

“This framework supports this objective, allowing new, supervised, and competent advisers to assess their own knowledge and identify potential gaps in their learning.”