You can use the search function to find a range of UK Finance material, from consultation responses to thought leadership to blogs, or to find content on a range of topics from Brexit to commercial finance.
“The need for holistic advice in the later life space is becoming more and more important yet the way consumers obtain financial advice has become more siloed, largely shaped by regulation. Within the industry there has been debate over how holistic advice can be achieved and the development of CPD programmes, which aim to bring together the different areas of financial planning and encourage an understanding of the interrelationships, are welcomed by AMI”. The Association of Mortgage Intermediaries
For the benefit of all advisers, we have brought together a series of CPD webinars on subjects that bridge the advice gaps between Equity Release Advisers, Financial Advisers and Mortgage Advisers. This series will commence in Spring 2021. Dates will be published on this page shortly but you can click 'Book Now' to register your interest to stay up to date with this series.
This webinar programme will equip all advisers with an understanding of each other’s sectors and up-to-date information that will support them to support older customers. Advisers will have their specialities (Financial Advice, Mortgage Advice, Equity Release Advice) and are not expected to be experts in all areas. The programme will provide advisers with the knowledge to identify older customer needs, flag and signpost to the customer what they may need to consider in the advice process, and where needed, provide a professional hand-off to an adviser in these various specialities.
The UK Finance Later Life Lending Committee, which includes lenders from across the industry, including banks, building societies, non-banks, lifetime mortgage providers and third-party administrators, have endorsed this programme.
The Six Webinars:
This programme is suitable for advisers who are new to later life lending, those looking to re-fresh their knowledge; and those advanced in their career but are looking to top-up their skill sets in this area.
CPD Later Life Lending Badge
On completion of the webinar programme, advisers will be provided with a digital CPD badge. A unique feature of this programme, the badge can be displayed on websites and on email. It will link to the learning delegates have been receiving and enable them to prove their professionalism to colleagues and customers. The badge will be valid for one year and demonstrates that the adviser is committed to Continual Professional Development.
Background
It is of vital importance that customers are aware of how their borrowing decisions fit into later life finances. Customers should understand the full suite of mortgage lending options available to them and have sight of the full later life picture - this is the responsibility of Financial Advisers, Mortgage Advisers, and Equity Release Advisers.
Advisers have their specialities and are not expected to be experts in all areas but all would benefit from understanding more about each other’s sectors to incorporate this into their own advice, and ensure that customers receive a holistic overview of all possible options.
Register your interest in the next series
If you are not available to start the series this time around, why not register your interest in the next series by clicking 'Book Now'. We will send you alert once the next series has been confirmed.
In-House
If your firm would benefit from having the CPD programme delivered just for them, we would be happy to deliver a bespoke series to meet your needs. To find out more about in-company training, please contact the team on 0203 934 1197 or training@ukfinance.org.uk.
This webinar and its contents and all rights therein are owned by UK Finance (and/or facilitated by UK Finance on behalf of the content owner). Such content is intended to be viewed by the registered participants of this webinar only. Any unauthorised reproduction or dissemination of the content of this webinar (or any part of it) by any means, including but not limited to, recording, screenshotting or amending is strictly prohibited.
We advance careers by equipping people with the skills and capability the sector demands, so they can perform more effectively and responsibly. The result is better professionals and corporations, performing better for customers.
Our qualifications are relevant for a range of roles regardless of experience and allow individuals to tailor their learning, so they have the building blocks and mark of professionalism to progress with pace.
Our modules are delivered by respected industry practitioners and deliver online learning that fits around busy commitments.
We are The London Institute of Banking & Finance, lifelong partners for financial education.
Webinar One: Introduction to the Later Life Lending Market; Wills and Powers of Attorney
The first webinar will introduce you to the series with an overview of the Later Life Lending Market, looking at the wider market, the products, along with the opportunities and challenges. The content of this series is available to all Financial Advisers, Mortgage Advisers and Later Life Specialists
Many advisers understand how Wills and Powers of Attorney benefit clients in their own specialisms, however there is a huge amount to learn that will highlight where further advice should be sought and where legacy arrangements can have an impact on the advice that may be given. It is vital that all advisers understand the ways these are set up, dispel any myths about how they are used and to understand the roles and responsibilities of all those involved.
Our first webinar in the series will focus on the importance of strong and robust legacy planning and for protecting against potential issues that would arise from incapacity. This session will cover the following areas:
Advisers will be in a strong position to use this information in their discussions with customers and to help them find the best advisers and solutions. It will give the adviser a reason to follow up on discussions and to understand the long-term implications of plans that have been put in place, and what steps should be taken to make alterations in the future.
Webinar Two: State Benefits
When it comes to State Benefits, not only is it important to understand what is available and what can be claimed by your customers, but it is also extremely important to understand how these are affected by any advice that is given that effects income and growth. Subjects covered in this module include:
All advisers want to improve the position of their customers, either by improving their wealth position, reducing tax or increasing income, however there may be implications that an Adviser can inadvertently cause which can be easily avoided by understanding the benefits, and ensuring that customers seek advice from the correct people in the advice chain. There are many specialists out there, and the starting point is the adviser in front of them.
Webinar Three: Income Tax
One of the primary focuses for all advisers is to manage a customer’s tax position to ensure that the right amount of tax is paid. It is vital that customers do not overpay or are put in a position where more tax is paid when it isn’t necessary. In this session it is important to consider the following:
It is equally important for customers to pay the right amount of tax and to not underpay. It is the individual’s responsibility to pay all tax due, however taxation can be a very confusing area and advisers must ensure that the tax burden isn’t being added to unnecessarily and that the correct tax experts are identified at the correct time and referred to.
Webinar Four: Pensions
Many customers find this area confusing and difficult to plan for. It is an area that elicits a wide variety of alternative methods to provide an income in retirement, but it is also equally important to understand the importance of traditional forms of retirement planning. Here we will focus on the following areas:
Customers look for a far larger variety of solutions to provide an income or capital in retirement. There are so many more options available following Pension Freedoms and this has sprouted many myths and confusion amongst customers in the industry. Alongside releasing equity and utilising pensions, the variety of solutions available from pension pots are much more flexible and varied and need full consideration in all financial solutions.
Webinar Five: Inheritance Tax
Continuing the theme of legacy planning, the management of this highly contentious and potentially avoidable tax is one that is high on the priority list for many customers and their advisers. In this edition, we will focus on the following:
Advisers are very keen to help customers reduce their liabilities in this area, and by using the available allowances, understanding what is allowable against this tax and to ensure that wills, trusts and allowances are used appropriately, a fully trained Inheritance Tax expert can make a huge saving for customers. It's vital that any potential liabilities are identified, and customers are referred to these specialists as early in the process as possible so that all later life planning advise is Holistic and takes all needs into account.
Webinar Six: Vulnerable Customers
In the final session of this first CPD release, we will look at the challenges faced by Advisers when dealing with vulnerable customers and the successful approaches that can be taken when dealing with these difficult situations. During this session we will be looking at the following subjects:
This is a wide and complicated issue and is a subject that will need to be revisited regularly to ensure adviser skills are at their very best in order to help these customers.
Consultant, London Institute of Banking & Finance
Adrian Crowley commenced his career in financial services in 1995. He undertook roles as a mortgage adviser, financial adviser and regulated sales manager before moving into the learning and development arena in 2003. For several years he delivered regulatory and technical training and before taking a role leading the regulatory development team. Adrian has been working with the London Institute of Banking and Finance since 2008 as a freelance consultant on various programmes. In 2016, Adrian moved into a full-time freelance role and currently provides regulated training support to a number of organisations.
This programme is suitable for CeMAP qualified mortgage advisers, CeRER qualified advisers, Independent Financial Advisers, advisers who are new to later life lending, those looking to refresh their knowledge; and those looking to top-up their skill sets in this area.